The developer of this application is nowhere to be found. I've used all the available resources to locate it, but it was all without results. Compatibility might be a cause to the issues you're having because if the developers are out of business, then support can't be assured thus making the program incompatible with Windows 7.
On Windows 7 you could try compatibility mode. Right click the setup package and go to Properties > Compatibility. Select a previous version of Windows from the list and then choose Windows XP as operating system.