Issues with Wordpress Theme

[dmi]

I have installed a Wordpress on the hosting. We have a premium theme that uses timthumb.php for some reason it won't work. The url of the file is http://dminetworking.com/sandbox3/wp-co ... mthumb.php and it parses out images. For example if you http://dminetworking.com/sandbox3/wp-co ... w=424&zc=1 it will display the image with certain height and width dimensions. It's working fine on our production site http://www.dminetworking.com you can see the slideshow images display properly but it is using an older and less secure version of the script. Any ideas?