According to the 1st Edition adventure "Dragon Hunt", Emerging Futures was a small think-tank that signed a five-year exclusive contract with Ares in 2045.
[spoiler=Adventure Details, you have been warned]
Project Cerberus, which aimed to integrate animal minds with cyberspace, was not actually sanctioned by Ares, and was an off-the-books undertaking by Armand DeHavillier, a mid-level R&D Ares executive with ambitions aplenty.
After 8 months of work, Emerging Futures was ready to call it quits, but pressure from executives made Justine Grier, Director of Operations at Emerging Futures, decide to shift focus from mundane animals to awakened ones. Amongst the paranormal creatures captured by a shadowrunner team hired by Grier was Eliohann, classified by Emerging Futures as a "Western Dragon, pre-adolescent, average-to-below-average intelligence for type".
After a lot of back and forth that's more adventure specific than related to this discussion, Eliohann managed to acquire a majority of Emerging Futures shares and in essence took over control of the corp.
Ares, having been tipped off to Grier and DeHavillier's experiments understandably panicked, and ordered Emerging Futures to terminate the project as well as all test subjects. Eliohann learned of Ares' plans and accelerated Project Cerberus, and once Ares learned that the project had not been terminated they began considering direct action. Eliohann began negotiations with Ares directly, and stalled the direct action options until Ares caught on that the dragon was delaying. After jacking into the Matrix following his surgery, Eliohann is assaulted by a freelance team and is afflicted by amnesia, possibly as a result of the Matrix experience followed by forced dumpshock. The actual adventure takes place shortly after this.
At the conclusion of the adventure, the canon ending is that Ares decided to negotiate with Eliohann after all, and that Ares absorbs Emerging Futures in exchange for continued research into Matrix/Dragon interfaces.
[/spoiler]
Following the events of Dragon Hunt, the 3rd Edition book Dragons of the Sixth World mentions Emerging Futures being acquired by Transys Neuronet at some point after Celedyr learned of Eliohann's involvement at Emerging Futures in 2057, and very likely after Dunkelzahn's death. The Shadowrun wiki puts this acquisition in 2063, but I have been unable to confirm this directly. What is known from Dragons of the Sixth World, Street Legends, Emergence, Unwired, and The Clutch of Dragons, however, is that Eliohann and Celedyr was at the very least communicating before Eliohann's physical death during Crash 2.0, after which his body wasted away and Eliohann became a digital entity. Eventually, Eliohann (using the aliases Cerberus in some books and Neurosis in others, most notably in Street Legens), ends up leading Project Imago for Celedyr and Emerging Futures/Transys Neuronet/NeoNET.
I think it's safe to say that while Ares dabbled in Dragon/Paranormal Animal Matrix interfaces, it was second-hand more than anything else. Eliohann led the charge, so to speak, first under Emerging Futures, then backed by Ares, and eventually with the support of Celedyr and his assets in Transys Neuronet/NeoNET.
Namikaze; The Torc of Rhiannon, or Rhiannon Glendower, the duchess? The former was bequeathed to Lugh Surehand; how would Lofwyr and/or Celedyr come into posession of the the Torc, and what would this signify? I'm unaware of any actual description of what this item is; care to enlighten us?