Not sure if you still need help with this, but this is what I figured out:
The password is stored in C:\Documents and Settings\All Users\Application Data\RM\ElkRM\ElkRM.xml in the <ILO> tags.
If you change the <ILO> tags, so it contains the following data:
<ILO>OTk5OQ==</ILO>
Your password will be 9999
Make sure you have ElkRM closed, or restart if you make any manual changes to this file.
Now that you have access to your software, you should be able to change it to whatever you want.
Of course, take a backup of that XML file before attempting anything, just in case, but I did test this successfully.