Old Identity safe password won't work

I've just installed NIS 2011 having had 2010 on my machine (win 7 64 bit) but when i try to log into identity safe the password won't work. The prompt clue is the same as always but it isn't accepting the password.

 

I have tried re-setting the account, re-creating a new one and importing a backed up version of the old login info but it won't accept that either, saying the file is the wrong format or the password is wrong.

 

any ideas?