We've done some additional testing - having the C:\Program folder in the system disc root, but even with the "There is a file or folder called "C:\Program" which could cause certain applications to not function correctly. Renaming it to "C:\Program1" would solve this problem" warning message triggered, the Itoo Software License Server (LicServer) service started & run without any troubles.
Anybody else was facing similar issue? Up to now we don't have any similar cases reported.
To avoid any future troubles modified the default value in a following way should help:
C:\Program Files (x86)\Itoo Software\License Server\licserver.exe
"C:\Program Files (x86)\Itoo Software\License Server\licserver.exe"
Big thanks for your collaboration, your feedback is very important to us.