File or assembly cannot load

Hope someone is aware about the following error message. I have already tried to research on the web, with no success. Hope some of you experts will be able to figure this out for me.
I am using Microsoft Visual Studio 2010 version on Windows 7 ultimate machine. The moment I try to add a reference to telerik.Windows.Controls assembly without any references, I get the compilation error message.
Microsoft Visual Studio
Could not load file or assembly ‘Telerik.Windows.Controls, Version=2009.3.1103.1030, Culture=neutral, PublicKeyToken=5803cfa389c90ce7’ or one of its dependencies. The system cannot find the file specified.
