When older versions of .NET Framework were used, everything worked correctly, but after updating to .NET Framework 4.0, the component constructor started throwing the exception: NotSupportedException.
Such behavior is common for:
Instrumentation Widgets up to version 4.0
.NET ModelKit Suite line of products up to version 4.3
One of the methods used in the licensing mechanism is not supported by .NET Framework 4.0.
Upgrade to new product version.