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IDT Energy Announces Spin-Off of Genie Energy

IDT Energy is anticipating the creation of a new subsidiary, Genie Energy, which is expected to be executed some time at the end of October, 2011. Before the spin-off of Genie can become reality, the recently filed documents to the SEC, namely the initial registration statement as well as an information statement, must first go into effect.  Anyone wishing to see the documents, which were filed by IDT Energy in late August, are welcome to visit the website of the Securities and Exchange Commission, the agency with which they were filed.

Howard Jonas is the CEO and Chairman of IDT Energy. He explained the need for the creation of Genie Energy in the following statement:

“The spin-off of Genie is one of the key strategic moves we announced last year to enable stockholders to realize the inherent value in IDT’s businesses. The growing global demand for energy coupled with supply disruptions caused by unrest in certain oil producing regions makes the development of oil shale more important than at any other time in our history.”

Claude Pupkin, Genie Energy’s CEO added,

“We believe that, as a separate entity, we will be better able to execute on our development plans for both our IDT Energy retail supply business and our unconventional energy projects. In the last year, IDT Energy has expanded its operations into two new states. Genie Oil and Gas is pursuing an environmentally sustainable approach to develop the vast oil shale resources in the United States and Israel. Both businesses possess tremendous growth potential.”

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