Operating system error 0x8007007e (The specified module could not be found.) (4353610)

When backing up using LiteSpeed, the following error displays:
Msg 50000, Level 19, State 1, Line 0
SLS Error: XML returned from Engine was invalid. :
Error Msg: (0)

In the SQL Error Log and LiteSpeed Error Log:
Error: 18210, Severity: 16, State: 1.
BackupVirtualDeviceSet::Initialize: CoCreateInstance failure on backup device 'VDI_39FD0B46-A131-4DE2-8448-57CBDF37921A_0'. Operating system error 0x8007007e(The specified module could not be found.).

SQLVDI.DLL is not registered correctly.

Make sure the SQLVDI.DLL is present at C:\Program Files\Microsoft SQL Server\80\COM directory.

Register it manually:

To do this, open START  | RUN and type:

regsvr32 <path>\sqlvdi.dll