Speech Exec 4.X CLR Error 80004005

A fatal error appeared on my screen when. This error is related to launching of Speech Exec 4.X. It stated on the screen the error code.
What would be the problem with this application? Is this a known issue? How can I avoid getting this kind of error message?

PSP.Speech.Exec.ProTranscribe.exe – Fatal error
CLR error: 80004005
The Program will now terminate.
