IDT Media is a division of IDT Corporation, a multinational carrier, telephone and technology company.

Digital Production Solutions will be utilizing the proprietary technology of its Global Animation Studio to provide high-quality 3-D animation solutions at a lower cost for toy manufacturers. The Global Animation Studio will use its 3-D animation software to transform a company's popular toys into high-quality animated TV and video productions. The Global Animation Studio's technology provides character models with superior textures, lighting and visual effects.

"The usual trend has been for animated characters of popular movies and TV shows to be made into toys. That kind of merchandising has grown into a billion dollar industry," said Jim Courter, CEO of IDT. "But what about those popular toys that don't have their own TV show or movie? Through our Global Animation Studio, we can take a doll or action figure and create an entire animated production featuring that toy. We believe that this will be a lucrative new venture for IDT and a boon for the toy market."

"With DPS, the entertainment industry is about to see an explosion of high-quality, lower cost 3-D products made especially for broadcast. Digital Production Solutions is creating the perfect environment for toy marketers unable until now to afford big studio 3-D animation," said Morris Berger, Executive Vice President, Business Development for IDT Media. "We are looking for companies who want to take a toy's unique character and personality and introduce it into the 3-D animation marketplace, thereby extending their brands to a level they previously thought was out of reach."

DPS. recently announced a co-production agreement with Jim Jinkins and David Campbell of Cartoon Pizza, the creators of Doug, Stanley and PB&J Otter. In addition, the D.P.S. studio is currently working on production of 26 episodes of "Monster by Mistake" under an agreement with CCI Entertainment, Ltd to be broadcast worldwide. The D.P.S. studio offers producers access to international animation talent on demand for a fraction of domestic costs, and with levels of control similar to an in-house studio.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT and Liberty Media Corporation own 95% and 5 % of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company's initiatives in media, new video technologies and print media.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT acquired the assets of Winstar Communications in December 2001. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of December 12, 2002, there were about 54.1 million shares of Class B common stock (IDT.B) outstanding, and about 25.0 million shares of common stock (IDT). Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by IDT Corporation.