Difficult to find proof of its existence. However, lots of websites reference it. I think it was never released on the Sega Saturn, because it's impossible to find this game or even an ISO, and it's sometimes referenced as a "cancelled game", for example : 30 cancelled Saturn games.

2012-02-26
While illegal copies tend to prove a game's existence, lack of them proves nothing by itself. I could list 100 games not available as illegal copies. Actually, I own games not available as illegal copies, listed as canceled/unreleased/prototype, have no screens, and even ones the publishing companies say they know nothing about.
However, for now, lacking further information in this case, I say go with what the sources say, list it as canceled.

PS, Such games I own are of course listed properly on UVL and not listed as they are on site that have the wrong info.