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?
sicknessAsked:
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sicknessAuthor Commented:
Adjusted points from 200 to 300
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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.

Thanks
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AzraSoundCommented:
hehe  damn MS!  Thanks for the points  =)
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