which user is the application pool using. I would suggest :
Make that user a local administrator of the server ... run the code. If it works we know where the problem lies. then you need to switch the user right back to what they were, and go to the folder where the com object needs access to (ie: if the com object trys to access a folder c:\myfolder) and grant read write premissions for that user on those folder .... hope I am making sence. :)