clr20r3 System.OutofMemory error

Hi,
i am trying to run Artlantis Studio 5 to do some rendering. However, it crashes at startup: 'Artlantis Studio has stopped working' error. doesnt even show the program. it just crashes.

Problem Event Name: CLR20r3
Problem Signature 01: artlantis studio.exe
Problem Signature 02: 5.1.2.2
Problem Signature 03: 529c62a6
Problem Signature 04: PresentationCore
Problem Signature 05: 4.0.30319.18408
Problem Signature 06: 52311c5c
Problem Signature 07: 55b6
Problem Signature 08: e
Problem Signature 09: System.OutOfMemoryException
OS Version: 6.1.7601.2.1.0.768.3
Locale ID: 2057
Additional Information 1: 3ab4
Additional Information 2: 3ab442b5d19fd115811fc50705552796
Additional Information 3: 8ea4
Additional Information 4: 8ea45f82aaf557b9c8728fb54c85231b

I have been searching around for a solution to the clr20r3, but cant seem to find an answer to fit my issue. I have read that the System.OutOfMemoryException is because i have low memory?

Specs:
amd 6200 fx 4.5Ghz cpu
16Gb ram
Asus m5a99x evo motherboard
Radeon HD 6870 gpu

I have reinstalled NET 4.0 and have the latest VC++

the program was running fine a few months ago, but now wont start.

any advice or help someone can provide? i have some deadlines coming up and need the program running :(

many thanks