800a01ad activex can not vreate object CDONTS.sendmail

I am running II 4.0 on NT server 4.0 SP5 with Exchange Server 5.5.  I am using a simple CDONTS.sendmail from an asp.  SMTP is not setup under IIS but is under Exchange server.  The DLL is fully registered and the winnt/systems32 directory is allowing read/write permissions to the system user (NTFS file system).  Are the dependencies outside of the system32 directory that need permission changes?  I had to manually register the cdonts.dll even though it should have been registered by exchange server.  Any suggestions?
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sicknessAuthor Commented:
Adjusted points from 200 to 300
sicknessAuthor Commented:
Exchange client too!! Of course.  This is microsoft we are dealing with isn't it?  Server is not enough, you need the client?!?

Here's an extra 100 points.

hehe  damn MS!  Thanks for the points  =)
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