At 1UP Games we can read an interview with former Arcade Zone’s developers, in which they talk about the studio’s closure:
Carlo Perconti: What happened is that Sony broke off the Nintendo distribution in Europe, refusing to take the products. Without buyers and incapable of publishing them by ourselves, we had to close down Arcade Zone and interrupt undergoing developments, with profound regret. Other companies which already weighed in the balance survived and moved on to the Playstation. We were at the wrong time at the wrong transition, the one which saw Nintendo’s European market become Sony’s European market.
Nightmare Busters was eventually leaked online thanks to members of ASSEMbler games and you can find a ROM quite easily with Google. As wrote by Evan on SNES Central, this game was eventually released in 2004 for cell phones as Flynn’s Adventure.
Game is in SMC format. I have tested it with Snes9xGX emulator for the Nintendo Wii. Works great.