How to fix the Error 1001 while uninstalling/reinstalling application

I have installed a software on my  Windows 7 Pro x64 few weeks ago and now new update has been released. The software has been installed from MSI package. So I am trying to install the software via Programs and Features but I am getting error message 1001.

The message says:

Error: 1001. An exception occurred while uninstalling. This exception will be ignored and the uninstall will continue. However, the application might not be fully uninstalled after the uninstall complete.

I clicked OK and all was undo and the software has not been uninstalled and removed. I have tried also use the same MSI package and try to REPAIR as well as UNINSTALL but got same error message. So, Ho can we fix this problem and remove the software? Answer, we can can uninstall it from the system easy way: