In one of my public projects, I used Xenocode PostBuild to obfuscate my codes. PostBuild is a very popular and common Obfuscation Tool for the .NET assemblies. When I worked for the Xenocode, I saw that the developers of PostBuild are really very good at doing their jobs. Most of them had worked for the Microsoft before. So I can say that if you need an obfuscation tool, you can use Xenocode PostBuild obfuscation tool without thinking a second.

But after I obfuscated my binaries with Postbuild, I started to get an error as "The application failed to initialize properly (0xc0000077b)". Actually this error does not occur in all computers, it just occurs in computer which has .NET Framework 3.0. After working on this problem a little bit more, I finally solved the bug. The problem was because of the "Enable Output Compression" options in the Postbuild. By enabling this option, you will allow Postbuild to compress your assemblies and inject some codes to perform on-the-fly decompression. When I unchecked the Enable Output Compression option and re-obfuscate it, the problem is gone.

So the solution for this exception is simple. Just disable "Enable Output Compression" option and re-obfuscate your assemblies.
Also let me tell where this option is in the Postbuild. Go to the Optimize tab and it is there at the bottom of the page

!!! NOTE: Kenji, who is from Xenocode, wrotes a comment and said that this bug was fixed in the latest version of the Xenocode PostBuild. So if you are using a version newer than 5.2.6839, there won't be a problem. But if you got this error, then try to download the latest patch from the Xenocode, so you can obfuscate your assemblies with the compression option.