When a 64-bit Adobe flash player installed on a computer with a Visual Studio project that has a reference to an Adobe Flash ActiveX (AxInterop) component, you might get a problem that state the assembly or the COM reference cannot be found. Although the 64-bit Adobe flash player installation comprises of 32-bit components, but the Visual Studio seems not smart enough to figure out which one to use. I got this problem with Visual Studio 2008, not sure the Visual Studio 2010 will get the same problem.
I found a quick fix to this issue and it is a windows registry modification.
Simply open the Windows Registry Editor and navigate to the following location:
If there are 2 keys under this location, namely, win32 and win64, remove the win64 version.
And that is it, only keep the win32 key.
Note: Please back the keys up before any change, so that you can rollback/re-import the registry data if you messed it up.