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The issue is that the Telnet/SSH console was not registered - possibly due to a security restriction/etc during the installation.
Please go to the installation directory and verify that this file exists:
If this file is there, please open a command prompt (DOS prompt) and navigate to the directory where UltraEdit/UEStudio was installed and type the following:
This will register the SSH/Telnet control (if it's not already registered). If this completes successfully you should see a dialog that indicates this:
DLLRegisterServer in wodTelnetDLX.ocx succeeded.
You may also want to search your system to see if the wodTelnetDLX.ocx exists somewhere else. It is possible there is a conflict with another version installed for another application.