The first one would make sense, but if the original MSX Valis doesn't have their logo in that part in level 1 where it would appear, then it's wrong (I have to check this). 2 would make sense, but Traysia appears to be a Mega Drive exclusive. 3 would make sense, but it doesn't explain games like Valis III, SD Valis, Gaiares, etc. The fate thing is also interesting, as I could only find two things: this (one of two) Wikipedia article says they were dissolved in a restructuring; Giant Bomb says they became Camelot Software Planning. So wtf?
...well that particular section doesn't even seen to appear in the MSX version of Valis, which is a completely different game... guess I'll try the PC-88 one...
You know, if you find out, let me know. I'm interested as well. Anyone know who the members of RIOT were? Maybe we could compare them to Camelot, at least around the time of Shining Force (as Sonic Company)
The PC-98 version of Valis (programmed by Wolf Team, or "A Wolf Team" ROFL) looks just like the earlier versions. I'll ahve to see the PC Engine version first... but at this point I'm pretty convinced RIOT is just a Mega Drive dev studio; I merged the article into the main Telenet Japan article in the meantime.