Hi Rick,
You were spot on! I was missing the .NET Framework 3.5.1 and SP1 on the Server (we have it running on a Windows Server 2008 R2 SP1 with Terminal Server Roles) and once that was installed it ran fine. Heads up for anyone else trying this that .NET Framework 3.5.1 is a Server Role which has to be activated through Server Manager>Features>New Features followed by a few Windows updates and a Restart