Thanks to a report from a PC TimeWatch user, we have been made aware that Kaspersky IS (and probably Kaspersky Antivirus too) is causing PC TimeWatch and the PC TimeWatch tray icon program to crash upon startup. This also happens with other software written in the Delphi language, which is the case of the PCTW user interface module.
If you are affected by this problem, please add pctimewatch.exe and pctwti.exe to the Kaspersky "white list" so that these programs are ignored by the Kaspersky antivirus software.
PS: If you are affected by this problem, please check whether you are running the latest version of KIS:
http://www.kaspersky.com/productupdates?chapter=186437046
Problem fixed by latest version of KIS.
Equipe Support PC TimeWatch