PHILSAGA MANAGEMENT AND HOLDINGS, INC.
(Formerly Medusa Exploration and Development Corporation)
Philsaga Compound, C.P. Garcia Highway, Sasa, Davao City, Philippines

September 26, 2024

Please be informed that Mr. Raul Villanueva, Ms. Marie Glenn Cedeño-Sorila, and Mr. Armando Dy continue to be the legitimate stockholders and officers of Philsaga Management Holdings, Inc.(“PMHI”), Philsaga Mining Corporation (“PMC”), and Philsaga Development Corporation (“PDC”) (collectively, “Philsaga companies”). Messrs. Joseph Mahusay, Ramon Austria, and Jeffery McGlinn are not rightful stockholders, and duly elected directors and officers of the Philsaga companies.

While the Regional Trial Court of Quezon City has recently dismissed the falsification cases filed against Messrs. Mahusay, Austria and McGlinn in connection with their execution of spurious Deeds of Assignment of Shares and Irrevocable Proxies, such dismissal is not yet final and executory. The private complainants shall pursue all the available legal remedies before the Court of Appeals to assail the erroneous dismissal of said falsification cases. It is unfortunate that the trial court disregarded and/or misappreciated the overwhelming inculpatory evidence as well as undisputed admissions on record, ultimately pointing to the criminal responsibilities of the impleaded individuals. Should the dismissal be eventually reversed by the higher court, the criminal cases for falsification will continue to be prosecuted.

It is worth noting that in the dismissal of the falsification cases, the Regional Trial Court did not recognize the legitimacy of the malicious claims of Messrs. Mahusay, Austria and McGlinn over the shares lawfully held and owned by Mr. Villanueva, Ms. Cedeño-Sorila and Mr. Dy. Clearly, the dismissal of these cases does not affect or dilute the legitimacy of the shareholdings and positions of Mr. Villanueva, Ms. Cedeño-Sorila, and Mr. Dy in Philsaga companies.

At present, there is a standing Writ of Preliminary Prohibitory Injunction issued by another court – the Regional Trial Court of Davao City, Branch 10 - explicitly prohibiting Messrs. Mahusay, Austria and McGlinn from misrepresenting themselves as directors and officers of PMHI, from exercising the functions and duties of PMHI as its directors and officers, from asserting or invoking any right proceeding from the purported stockholders’ and directors’ meeting on 24 February 2023, from causing any further damage and prejudice to the business and affairs of PMHI; and from restraining the validity of any resolution, contract, and/or action executed by them.

This injunctive relief is a clear and express recognition not only of the highly unfounded and illicit claims of Messrs. Mahusay, Austria and McGlinn, but more importantly, the legitimacy of Mr. Villanueva, Ms. Cedeño-Sorila, and Mr. Dy’s shareholdings and positions in Philsaga companies.

We will provide further updates as appropriate.

By:
BOARD OF DIRECTORS OF PMHI, PDC, PMC