IDT Energy Ready to Create Genie Energy Subsidiary

An initial registration statement has been filed by Genie Energy, which is a completely owned subsidiary of IDT Energy. The  filing of the statement, which includes a document of description,  is in preparation for the awaited spin-off of Genie and the announcement to the stockholders of IDT Corporation.

It is possible to view the filed statements through the website of the Securities and Exchange Commission.

Howard Jonas, CEO and Chairman of IDT Energy explained the decision of his company to create Genie:

“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.”