Thanks. Do you have other Toad products installed? Could you look to see if you have productlicenses.xml at C:\Users\[loginname]\AppData\Local\{08439167-4CA5-48E9-A810-A3A7C0B80B06} if you are using Windows7 or C:\Documents and Settings\[loginname]\Local Settings\Application Data\{08439167-4CA5-48E9-A810-A3A7C0B80B06} if you are using XP.
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