CISCO 2970 - Will not boot - Please see Log files

Hi Guys/Girls,

I have a switch that will not boot, its fairly new.  It gets as far as the PortASIC CAM Subsystem Tests, then fails with the following

POST: PortASIC CAM Subsystem Tests : Begin
TCAM (asic:5) walking-one test failed
  Write: 80_00000000_00000000-00_00000000_00000008  
  Read:  80_08000000_00000000-00_00000000_00000000  
POST: POST Failed
POST: PortASIC CAM Subsystem Tests : End, Status Failed

POST: CAM test failed
POST Failed: disabling stack links and shutting down SDP

driver class subsystem initialization failed

cisco WS-C2970G-24TS-E (PowerPC405) processor (revision G0) with 118784K/12280K bytes of memory.
Processor board ID CSG0907P12S
Last reset from power-on
The password-recovery mechanism is enabled.

512K bytes of flash-simulated non-volatile configuration memory.
Base ethernet MAC Address       : 00:13:60:80:E3:00
Motherboard assembly number     : 73-9095-06
Power supply part number        : 341-0045-01
Motherboard serial number       : CAT09060RCK
Power supply serial number      : LIT090502W4
Model revision number           : G0
Motherboard revision number     : A0
Model number                    : WS-C2970G-24TS-E
System serial number            : CSG0907P12S
Top Assembly Part Number        : 800-24261-03
Top Assembly Revision Number    : A0
Hardware Board Revision Number  : 0x02


!!! WARNING: The switch is not usable !!!
Unable to create l2trace server process, socket_open() failed


Press RETURN to get started!


00:01:03: %SPANTREE-5-EXTENDED_SYSID: Extended SysId enabled for type vlanCannot Get the number of ports in MAC notification

00:01:04: %SYS-5-RESTART: System restarted --
Cisco Internetwork Operating System Software
IOS (tm) C2970 Software (C2970-I6L2-M), Version 12.2(20)SE4, RELEASE SOFTWARE (fc1)
Copyright (c) 1986-2005 by cisco Systems, Inc.
Compiled Sat 08-Jan-05 22:28 by antonino
00:01:04: Unable to open UDP socket on CMP_PORT
00:01:04: %SW_VLAN-4-IFS_FAILURE: VLAN manager encountered file operation error: call = ifs_read_until (header) / file =  / code = 21 (Is a directory) / bytes transfered = -1
-Traceback= 44871C 4454E4 245918 23FDC4
00:01:04: %DHCPD-2-SOCKET_ERROR: DHCP could not open UDP port 67.

Does anyone have any ideas as to why this is happening?? is it software? or hardware? I have run the software recovery with no luck, it sounds hardware but i need to be sure...

Cheers

Fox