Comodo Program Manager service failed to start with error code 1067

I’ve installed Comodo Program Manager software and it is supposed to monitor my installs, which it was not doing so after investigating I found out that the background service fails to start with error code 1067. I searched their help but couldn’t find any topics on this. Can somebody please help me out with this.

OS - Window 7 SP1 64Bit

Event Log
Faulting application name: CPMService.exe, version: 0.0.0.0, time stamp: 0x4e64e2e2
Faulting module name: CPMService.exe, version: 0.0.0.0, time stamp: 0x4e64e2e2
Exception code: 0xc0000417
Fault offset: 0x000000000000a9b4
Faulting process id: 0x104c
Faulting application start time: 0x01cef97a0ce0694c
Faulting application path: C:\Program Files\COMODO\COMODO Programs Manager\CPMService.exe
Faulting module path: C:\Program Files\COMODO\COMODO Programs Manager\CPMService.exe
Report Id: 4a923408-656d-11e3-bf16-00e01c3c7646