Transferring CR 2016 license to new computer, says key is invalid

We are having an issue within our department where when we install Crystal Reports 2016 on a new machine it will not accept the license key.

Steps taken:

1. Installed Crystal Reports 2016 on the new machine. Did not run the program at this time
2. Retrieved the license key from the registry from the old machine
3. Released the license from the old machine
4. Attempted to use this license on the new machine, got an invalid key error
5. Entered the same key back into the old machine, it registered just fine
6. Released the license from the old machine (again)
7. Attempted to use this license on the new machine, got an invalid key error (again)