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Event ID: 33 Source: SideBySide

Activation context generation failed for "C:\Program Files\WIDCOMM\Bluetooth Software\BtRez.dll". Dependent Assembly Microsoft.VC80.MFC,processorArchitecture="amd64",publicKeyToken="1fc8b3b9a1e18e3b",type="win32",version="8.0.50608.0" could not be found. Please use sxstrace.exe for detailed diagnosis.
EV100569 (Troubleshooting side by side issues using sxstrace) provides information on how to troubleshoot this type of issues using the tool suggested in the event description sxstrace.exe, aka the WinSxs Tracing Utility.
Activation context generation failed for "c:\Program Files\CyberLink\PhotoDirector\Kernel\CES\CES_AudioCacheAgent.exe.Manifest". Dependent Assembly PDR.X, type="win32", version="" - We opened the ":\Program Files\CyberLink\PhotoDirector\Kernel\CES\CES_AudioCacheAgent.exe.Manifest" file in Notepad and noticed that PDR.X was specified as a dependent assemby:

      <assemblyIdentity  type="win32" name="PDR.X"  version="" />

However, there was no PDR.X file in the c:\Program Files\CyberLink\PhotoDirector\Kernel\CES\ folder.

Upgrading CyberLink PhotoDirector to the latest version (from 11.0 to 12.0) appears to fix the problem.
See EV100444 (Activation context generation failed for...) for a blog post related to this error. The author suggests the installation of ME2538242 in order to fix the problem.
In many cases, reinstalling the Microsoft Visual C++ 2005 Redistributable Package will fix the problem.
In my case, the error "Activation context generation failed for C:\Windows\system32\conhost.exe" related to Windows update KB2507938. I removed this update to solve problem.

A Microsoft engineer suggested in a support forum to either reinstall the Visual C++ 2008 Redistributable Package and/or remove the software specified in the event description and reinstall it  (eventually upgrade it to the latest version).
From a support forum: "When trying to diagnose Side-by-Side errors, start the SxSTracing using the following command:

SxsTrace Trace -logfile:SxsTrace.etl

Then run your application that is causing the problem. When done, press Enter to stop the tracing and use the below command to generated a text formatted file of the output:

sxstrace Parse -logfile:SxSTrace.etl -outfile:SxSTrace.txt

Going through the generated text file should give details of each of the loaded modules and the bindings."
See EV100445 (How the Runtime Locates Assemblies) for an article on how the dependent .Net assemblies are located by the .Net runtime (also known as probing).
Some useful information about Side-by-Side (SxS) here: EV100446 (WinSxS Folder in Windows 7 | 8 explained).
From a support forum: "The program/module specified in the event was C:\Windows\WinSxS\amd64_microsoft.vc80.mfc_1fc8b3b9a1e18e3b_8.0.50727.762_none_c46a533c8a667ee7\MFC80.DLL - I uninstalled and reinstalled my backup software and it seems to have fixed the problem."

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