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Try this solution, it will work out.
Printer not found or Invalid Printer
Solution for Cause:
The Oracle_Home environment variable needs to be added. To add it, do the following:
1.Right click the “My Computer” icon.
2.Choose “Properties” from the context menu.
3.Click the “Advanced system settings” link and it will display the “System Properties” window.
4.Click on the environment variables button in the “Advanced” tab of the "System Properties” window.
5.Click on the “New” button under system variables. It will launch a new System variables window:
Enter Variable Name as ORACLE_HOME.
Variable Value as C:\oraclexe\app\oracle\product\10.2.0\server.
Click on Ok.
6. Now launch the PM.exe and check the issue reported.
Edited by: 920723 on Mar 14, 2012 12:45 AM
Meus caros, estou com o mesmo problema "Printer selected is not valid" alguém resolveu o problema, gostaria favor enviar.