The readme.txt mentions "libps.exe," which is part of the Net Yaroze SDK. I believe this is the reason why the intro doesn't work with any PS1 emulator that I've tried, as it was created for Net Yaroze rather than the standard consumer PlayStation.

Nice find, never seen that before from the Yaroze. :D Very simple prod that's a tribute to oldskool Amiga. I guess the music shouldn't be ID'd, as it's inside the SDK along with other sample SEQ files.