I am also running into the same problem. I happen to have visual studio on this machine so I am able to get to the following exception which you might find it helpful.

System.InvalidOperationException {"An error occurred creating the form. See Exception.InnerException for details.  The error is:  is not a valid Win32 application. (Exception from HRESULT: 0x800700C1)"}

And the InnerException.

System.BadImageFormatException {" is not a valid Win32 application. (Exception from HRESULT: 0x800700C1)"}

The stack that I see in the exception is the following:

"   at LayerDevice..ctor(Control control)
   at ScreenMonkey.DirectX.Layers.LayerDisplayControl..ctor()
   at ScreenMonkey.DirectXScreenLayer.InitializeComponent()
   at ScreenMonkey.DirectXScreenLayer..ctor()
   at ScreenMonkey.ScreenManager..ctor()
   at ScreenMonkey.LayerManager..ctor()
   at ScreenMonkey.MonkeyFrm..ctor()"