Does valve have the right to release...

No. This has been brought up many, many times.

EDIT:
Gamespot said:
According to the two companies' current software publishing agreement, Valve cannot release the game via Steam until the retail version is brought to market by VU Games. That point was confirmed by Valve director of marketing Doug Lombardi who said, "Half-Life 2 will be made available to customers who purchase via Steam at the same time it is made available at retail."
 
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