EyeTV Error Message: IceTV Accelerator could not communicate with EyeTV

IceTV Accelerator does not work with Elgato's EyeTV version 3.6.8

Instead of IceTV Accelerator working as it should you will see the following error message:

IceTV Accelerator could not communicate with EyeTV 
Please check that EyeTV is correctly installed and is version 3.6.2 or later.

If your Elgato EyeTV version is 3.6.8 you will need to uninstall IceTV Accelerator for IceTV to work.