Microsoft activesync unable to connect

Hi guys,
I am using windows XP home edition and I have an imate KJam windows mobile phone. I just formatted my C drive and did a clean install. After that I'm unable to connect my mobile with my PC. It was working just fine before the re installation, hence there is no fault in mobile / connectivity cable.
I was using active sync version 4.5 in previous windows installation and using the same this time. Whenever I tried to connect my mobile with the data cable attached to the system, it gives me the following error.

Microsoft ActiveSync
Cannot connect with current connection settings To check your connection settings, select Start, then Settings, then Connections.
Support Code: 85020006
Anticipatory thanks for the help.
My computer is Pentium IV 2.66 GHz and 512 MB of RAM.
