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Thanks everyone for reading,I found the problem and solution for my post here. Just to share with someone who need it in the future,the following are what I found:
VS .NET 2003 doesn't support MySql 5.0/5.1 .NET Connector. The only
connector supported is 1.0 .NET Connector which is the most earliest
version of tools build by MySql to linkup with VS.NET 2003.
Thanks for everyone effort and hope this helps you all there in the future..
Regards
Jackson