Hi - the license key is embedded in the exe when the app is rebuilt so if the build machine behaves correctly then you should be fine. However I can appreciate you want to have the license work on the other developer's machine too.
Can you try searching their Isolated Storage folder
(usually under C:\Users\USER\AppData\Local\IsolatedStorage\)
for 'thesaurus'. You should find a file named 'Keyoti.Thesaurus.Windows' within one of the random subfolders.
Open the file in a text editor and compare the key with the key you're trying to register on the machine. If they are different then replace the key in the file with your key and save. Then try rebuilding the app.
Let me know how that goes. (Please don't paste any license keys here - I know you know that but I had to say :)
Dan
Dan Wright
Dan Wright