The Wayback Machine preserved a copy of their site:
http://www.anarchyent.com/val/val.html
The game appears to have never been released, development possibly stalled during conversion of DOS code to Win32, as hinted by later snapshots of the game page. It might have been close to completion as an info screen promises full release in August 1996 while the beta itself is from mid-July. The beta includes three playable characters (out of planned twelve) and four stages. It has some minor bugs but is otherwise quite playable, and I should say this could've been one of the better versus fighting games on PC. Very decent hand-drawn art that reminds me somewhat of WeaponLord.


And now to the problem. The beta calls itself the public beta revision #1, and according to the Anarchy website it was available from them, GamesDomain, ftp.wustl.edu and ftp.cdrom.com. But the included LICENSE.TXT forbids any kind of further distribution:
Similarly, BETA.TXT states:3. Additional Prohibited Uses: You shall not make the
following uses or take the following action in regard to the
Software:
a. Translate the Software;
b. Reproduce the Software;
c. Publicly display the Software; or
d. Prepare derivative works based upon the Software.
4. Electronic Distribution is not Permitted.
Normally I want to respect the license terms but here it seems that historical considerations of preserving this release could override the license.ДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДД
THIS IS THE BETA VERSION OF "VALHALLA"
DO NOT DISTRIBUTE!
ДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДДД
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є [9] Distribution Information є
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Please DO NOT DISTRIBUTE this!
This is the Beta Version of VALHALLA
Consult the file LICENSE.TXT
Anarchy Entertainment apparently still exists as Anarchy Enterprises. The site has links to Twitter and Facebook but otherwise no contact information.