On the japanese CD of Fighting Vipers (1996), there's a readme.doc where the developers talk a bit about their experience making the game. The leader Hiroshi Kataoka
says this (chatgpt translation):
"Lastly, I want to thank everyone on the team who, despite me being a 'ghost team leader'—too absorbed in Sonic arcade work when the project first started—still managed to pull off all the outrageous requests in the latter half. Also, thank you to the publicity staff who supported us from the beginning, including helping to bring Pepsiman to life. I think you all did an amazing job under a tight schedule. Truly, thank you for your hard work."

Now you know that Pepsiman was "brought to life" in 96 at Sega, before being released 3 years later on the PS1.