Error Using 32 bit compiled dll that uses the MCR 7.14 on Win7 64 bit

Hi, I am trying to run a compiled 32 bit C++ dll that calls Matlab (ctf file) (MCR 7.14 is installed) on a Win 7 64 bit machine. The process that tries to load this dll runs as a 32 bit process. I receive the following error from the 32 bit process: Unable to load DLL ...: The specified module could not be found. (Exception from HRESULT: 0x8007007E); at ...MCRInitialize()..

The path in the environment specifies the folder of the 32 bit dll, so there shouldn't be any problem to find it. Could you please tell me what is missing in order to make the 32 bit dll that uses matlab work on 64 bit machine?

Thanks, Anat