Symptoms

Unable to deploy to our beta environment with the P&D tool.
 

Diagnoses

The issue was related to a bad installation of P&D tool.
 

Resolution

Issue resolved after performing the steps below:
-Launch the K2 blackpearl Setup Manager from the Start > All programs and select Modify K2 blackpearl option.
-Un-check the K2 Package and Deployment and hit 'Next' button to finish the wizard. The installer might ask you to reboot the machine. After P&D tool is removed, you should be able to install the P&D tool again from the blackpearl installer package via 'Modify K2 blackpearl' option.