2004921 - PowerBuilder 12.5: License Not Validated

The pb125_sysam.log file shows the following error even though a license file generated for the server was deployed to the Sysam server:

SyLAPI Version: Sybase Licensing API/2.2.0.8fc-r2-vc6/2208fc/32bit/1/P/NT (IX86)/Windows 2003/OPT/Wed Jan 16 10:25:53 2013
PB/IM Version: 12.5.2.5006
C:\Program Files (x86)\Sybase\Shared\PowerBuilder\PBSHR125.dll
Using properties file: C:\Users\[user name]\AppData\Local\Sybase\PowerBuilder 12.5\pb125_sysam.properties
Product Name: pb125GA
Instance Name: pb125GA
2014/04/11 15:11:07  Using licenses from: C:\flexlm\license.dat
DesiredEdition=PowerBuilder - EE
DesiredMode=Trial
CO Filter: 'PE=EE;LT=EV'
CO Feature: 'PowerBuilder'
CO Version: '2010.1225'
2014/04/11 15:11:07  Error (131281): Failed to obtain 1 license(s) for PowerBuilder feature from license file(s) or server(s).
2014/04/11 15:11:07  Error (131073): Cannot find license file.
2014/04/11 15:11:07  Error (0):  The license files (or license server system network addresses) attempted are listed below.
2014/04/11 15:11:07  Error (0): License feature name:  PowerBuilder
2014/04/11 15:11:07  Error (0): License filename:      C:\Users\[user name]\AppData\Local\Sybase\PowerBuilder 12.5
2014/04/11 15:11:07  Error (0): License search path:   C:\Users\[user name]\AppData\Local\Sybase\PowerBuilder 12.5
2014/04/11 15:11:07  Error (0): FLEXnet Licensing error:-1,359.  System Error: 2 "No such file or directory"
2014/04/11 15:11:07  Error (0): For further information, refer to the Sybase Software Asset Management website at http://www.sybase.com/sysam

Failure in: sylapi_checkout() - code: 131073
License has truly failed.
License has truly failed.

PB-SyLAPI Heartbeat Thread - terminated
--SySAM/SyLAPI Terminated--

The C:\Users\[user name]\AppData\Local\Sybase\PowerBuilder 12.5\pb125.lic file has the following entry:

# Generated by PowerBuilder at 2014-Feb-14 01:58:55
# Standalone Seat - Served
SERVER some-keyserver ANY 27000
VENDOR SYBASE
USE_SERVER

SAP Sybase PowerBuilder 12.5

PB, Infomaker, IM , KBA , BC-SYB-PB , PowerBuilder , Problem