IDT Entertainment Acquires An
Equity Stake In
Archie Comics Entertainment, LLC
IDT Entertainment and Archie
Comics Entertainment To Co-Develop And Co-Produce Animation Projects
Based On Archie Comics Characters
Newark, NJ & New York, NY
January 27, 2004 - IDT Entertainment and Archie Comics
Entertainment, LLC today announced IDT Entertainment's acquisition of
a five per cent (5%) equity interest in Archie Comics Entertainment,
LLC. The agreement provides IDT the rights to co-develop and
co-produce select animated projects based upon Archie Comic
characters. IDT Entertainment is a subsidiary of IDT Corporation (NYSE:IDT,
IDT.C) a multinational carrier, telephone and technology company.
Archie Comics Entertainment, LLC is the entertainment and licensing
affiliate of Archie Comic Publications, Inc.
Archie Comic characters include
world-renowned American icons Archie and his Riverdale
friends Betty, Veronica and Jughead;
Sabrina the Teenage Witch; Josie and the Pussycats;
Katy Keene; Cheryl Blossom; as well as
super hero properties from the Mighty Crusaders library.
"Sit back, relax and get
ready to laugh - Archie Comic characters are headed to a screen near
you," said Jim Courter, IDT's CEO. "Archie Comic characters
will be joining X-Men and Spiderman as comic book legends IDT
Entertainment is animating for television and direct to DVD
distribution."
IDT Entertainment intends to
immediately start development on several projects based on Archie
Comic characters. Plans include the creation of direct to DVD
programming that may be distributed through Anchor Bay, IDT
Entertainment's distribution division, as well as possible feature
film production.
"The last year has proven
to be a time of tremendous growth for both Archie Comics
Entertainment, LLC and IDT Entertainment," said Allan I. Grafman,
President of Archie Comics Entertainment. "IDT's commitment to
wholesome, fun programming is our 'sweet spot.' IDT's strategy, family
orientation, management and staff are in perfect harmony with Archie
Comics Entertainment. We look forward to the limitless opportunities
that will be generated by our association."
"For over 60 years Archie Comic characters have provided the
public with the best in family friendly entertainment," said
Morris Berger, CEO of IDT Entertainment. "This is a brand that
has stood the test of time. We're excited to be working with Archie
Comics to produce animated programming for their loyal audience and to
help introduce their wonderful characters to a whole new generation of
fans."
"It is hard to believe that it has been less than a year since we
established Archie Comics Entertainment, LLC. We are delighted by the
significant strides that have been made under the leadership of Allan
Grafman," said Michael Silberkleit, Chairman of Archie Comic
Publications, Inc. "This exciting association with IDT marks the
latest in an impressive track record of achievements that will help
assure the continued popularity of the Archie Comic character brands
for generations to come."
Archie Comics Entertainment LLC was established in 2003 as the
entertainment and licensing affiliate of Archie Comic Publications,
home of the world renowned character properties Archie, Betty,
Veronica, Jughead and their Riverdale
friends, Sabrina the Teenage Witch, Josie and the
Pussycats and Katy Keene, as well as super hero
properties Mighty Crusaders including The Web.
With offices in metro New York, Archie Comics Entertainment is
involved in the development, production and worldwide distribution of
original projects for television, film and home video, music, live
events and the Internet as well as represents the licensing and
merchandising of its enduring brands across all global markets. Archie
Comics Entertainment is on the Web at www.archiecomics.com.
In March 2003, Digital Production Solutions (DPS), now a unit of IDT
Entertainment, acquired rights to Starpoint Academy and Char, both
Gene Roddenberry creations. Starpoint Academy is presently in
production. In May 2003, IDT Entertainment acquired a controlling
interest in Film Roman, Inc., the animation company well known for its
production work on The Simpsons, King of the Hill, and other popular
broadcast television programs. In July 2003, IDT Entertainment
acquired a minority equity interest in Vanguard Animation, LLC. Under
the terms of the Vanguard Animation investment, IDT Entertainment was
granted a first look right to provide production services on future
Vanguard Animation projects. IDT and Vanguard Animation also entered
into a joint venture agreement to jointly develop, produce, finance
and arrange distribution of computer generated (CG) animation
entertainment. In December 2003, IDT Entertainment acquired a
controlling interest in Mainframe Entertainment Inc., a Vancouver,
Canada based entertainment company well known for producing CG
animation for films, television, videogames and the direct-to-consumer
market. In December 2003, IDT Entertainment acquired Anchor Bay
Entertainment Group from Handleman Company.
IDT Corporation, through its IDT
Telecom subsidiary, is a facilities-based, multinational carrier that
provides a broad range of telecommunications services to 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 and
domestic all-distance telephony and prepaid calling cards. IDT
Entertainment is the IDT subsidiary focused on developing, acquiring,
producing and distributing computer-generated and traditionally
animated productions and other productions for the film, broadcast and
direct-to-consumer markets. IDT Media is the IDT subsidiary
principally responsible for the Company's initiatives in radio
broadcasting, brochure distribution and new video technologies.
Winstar Holdings, LLC, which provides service under the IDT Solutions
brand, is the IDT subsidiary focused on providing broadband and
telephony services to commercial and governmental customers through a
fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary
of IDT Corporation, is a leading provider of high-quality global
retail Voice over IP services and offers a fully outsourced cable
telephony service to cable operators allowing cable operators to
provide residential phone service to their subscribers. Liberty Media
Corporation holds a 5% stake in IDT Telecom and also owns 5.6% stakes
in IDT Entertainment and IDT Media.
IDT Corporation's Class B Common
Stock and Common Stock trade on the New York Stock Exchange under the
ticker symbols IDT and IDT.C, respectively.
Important Note: In this press release, all statements that are not
purely about historical facts, including, but not limited to, those in
which the words "believe," "anticipate,"
"expect," "plan," "intend,"
"estimate, "target" and similar expressions, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. While these forward-looking
statements represent IDT's current judgment of what may happen in the
future, actual results may differ materially from the results
expressed or implied by these statements due to numerous important
factors, including, but not limited to, those described in IDT's most
recent report on SEC Form 10-K (under the heading "Management's
Discussion and Analysis of Financial Condition and Results of
Operations"), which may be revised or supplemented in subsequent
reports on SEC Forms 10-Q and 8-K and other filings IDT may make with
the SEC.
# # #
Contact: Gil Nielsen, IDT Corporation
973-438-3553
(For Archie Comic Publishing, Inc.)
SSA Public Relations
Los Angeles: Steve Syatt (818) 501-0700
New York: Blanche Frankel (212) 679-4750
