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IDT moving forward with proposed spinoff

NEWARK, N.J. (AP) -- IDT Corp. is moving forward with plans to spin off its patent and licensing subsidiary to shareholders, saying it would provide the greatest value to investors.

The telecommunications company initially announced its plans to spin off Innovative Communications Technologies Inc. in March 2011. The portfolio of patents included in the spinoff mostly relate to communications over computer networks.

"After a year of due diligence and market research, it has become evident that separating ICTI completely from IDT is the optimal way to maximize the value in this portfolio," Innovative Communications Technologies CEO Jeff Ballabon said in a statement.

Shares of IDT, based in Newark, N.J., added 15 cents to $10.18 in morning trading on Friday.