f8k063009_idt.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): June 30, 2009
IDT
CORPORATION
(Exact
name of registrant as specified in its charter)
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Delaware
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1-16371
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22-3415036
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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520
Broad Street
Newark,
New Jersey
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07102
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (973) 438-1000
Not
Applicable
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 1.01 Entry
Into a Material Definitive Agreement
On June 30, 2009, IDT Energy, Inc.
(“IDT Energy”), a subsidiary of IDT Corporation (the “Registrant”), entered into
a Preferred Supplier Agreement (the “Agreement”) with BP Energy Company and BP
Corporation North America Inc. (collectively “BP”), as of June 29, 2009,
pursuant to which BP will be IDT Energy’s preferred provider of electricity and
natural gas in New York state. The Agreement allows for purchases of
electricity and natural gas for customers in areas where the utilities have
purchase of receivable (POR) programs. IDT Energy will pay BP for the
electricity and natural gas purchased at BP’s cost plus a premium in accordance
with the agreement. IDT Energy’s obligations will be secured by its receivables
from its customers and, under certain circumstances, the posting of letters of
credit In addition to other advantages of the arrangement, IDT
Energy will benefit from the removal of the requirement to post security with
other suppliers. The term of the Agreement is two years, with an
automatic renewal for an additional year unless either party
objects. IDT Energy’s ability to purchase electricity and natural gas
under the Agreement is subject to satisfaction of certain conditions, including
the opening of certain collateral accounts, the posting of a $1.25 million
letter of credit by IDT Energy, and notifications to applicable utilities and
the maintenance of certain covenants.
A copy of
the press release issued by the Registrant concerning the foregoing is furnished
herewith as Exhibit 99.1.
This
report on Form 8-K, contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements typically are identified by use of
terms such as “may,” “will,” “should,” “plan,” “expect,” “anticipate,”
“estimate” and similar words, although some forward-looking statements are
expressed differently. While these forward-looking statements
represent our 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 our most recent report on SEC Form 10-K (under the headings "Risk
Factors" and "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. We are under no obligation, and
expressly disclaim any obligation, to update the forward-looking statements in
this Current Report on Form 8-K, whether as a result of new information, future
events or otherwise.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
No. Document
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99.1
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Press
Release of the Registrant dated July 2,
2009.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
IDT
CORPORATION
By: /s/ James A.
Courter
Name:
James A. Courter
Title:
Chief Executive Officer
Dated:
July 7, 2008
EXHIBIT
INDEX
Exhibit
No. Document
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99.1
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Press
Release of the Registrant dated July 2, 2009.
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