Acquisition of Intellectual Property Rights of Billion Dollar Draw
11 May 2021
(“Ritorno” or “the Company”)
Acquisition of Intellectual Property Rights of the Billion Dollar Draw
Ritorno is pleased to announce the acquisition of the entire issued share capital of MHL Invest No 1 Limited (“MHL”) from Mesh Holdings plc. MHL owns all existing and in-development intellectual property rights of the Billion Dollar Draw. The consideration for the acquisition of MHL is £4,000,000 which has been satisfied by the issue of 888,888,888 new ordinary shares in the Company at a price of 0.45p per share credited as fully paid. Following the issue of those shares Mesh holds 925,000,000 ordinary shares representing 26.6% of Ritorno’s enlarged issued share capital.
In 2016 Chris Akers developed the innovative idea to raise at least US$1 billion for charity through an annual global blockchain raffle initiative, which would give participants the chance to win US$2 billion in prize money including the world’s first $1 billion jackpot prize. A total of 1 billion unique tickets would be sold to participants over 18 years of age at US$5 each. Approximately 50% of the Billion Dollar Draw’s proceeds would be allocated to a dedicated number of high impact social and environmental projects in close collaboration with various leading charities and other organisations. The intention is for the initiative to be supported proactively by multiple leading global brands and influential individuals from all walks of life. Various high-profile campaigns would be curated and delivered around the world throughout the year.
Chris Akers, Chairman of Ritorno and founder of the Billion Dollar Draw said: “Ritorno’s vision for the Billion Dollar Draw is intended to empower the ESG sector on a global basis. The project has been designed to enable people around the world and from all walks of life to proactively contribute to positive and progressive social development.”
Total number of ordinary shares
Following the issue of the 888,888,888 new ordinary shares as consideration for the acquisition of MHL and the Billion Dollar Draw intellectual property assets, the Company has 3,476,066,912 ordinary shares in issue.
Chris Akers: Chairman, Ritorno plc
Nearly 2.5 billion people or over one-third of the worldwide population live on less than US$1.90 a day, and more than 1 billion suffer from chronic hunger. 1 billion children worldwide are multi-dimensionally poor – without access to education, health, housing, nutrition, sanitation or water. An estimated 356 million children live in extreme poverty.
This number continues to grow as the COVID-19 pandemic, humanitarian disasters, natural catastrophes, conflict zones, global displacements, climate change and political turmoil create newly poor groups. According to UNICEF 150 million additional children have been plunged into multidimensional poverty due to COVID-19.
Respect for human rights, meeting basic human needs and more equitable distribution of wealth are clear priorities for the eradication of poverty.
It is Ritorno’s belief that authentic audience engagement together with smart and relevant technology can play an important role to drive these types of initiatives forward, contributing to the creation and delivery of a sustainable global human economy.