Thanks mavr for your rapid reply, however, I still couldn't solve the problem.
Firstly I installed JDK 1.4.2_04 and then I uninstalled the product Excelsior JET and reinstalled it. I also added the patch "jet-350-mp3-eval-en-win32.exe" ran it and it also reconfigured somethings(it takes 70+ minutes). Then I created a new project in Excelsior JET and the .exe file worked fine, however, when I click Package button, it gave the error
"The file C:\JET\samples\pishtiv02.exe is compiled for the profile "40"(JRE version 1.4.2_04) but JET RT components for this profile cannot be found."
How can I solve this?or am I missing something?