dll's not found

I'm running an application that is a tool box add-in for Microsoft Excel. This application has several dll's in the bin directory of this application.
When I startup Excel, the add-in will not load because the application bin directory is not being searched.
This application is the first entry in the environmental PATH. And if you echo the path back, the path is set correctly.
I've run filemon.exe and it finds only one of several dll's.
Filemon lists the first found file, the next file never searches bin, it searched the windows directories.
I've even tried to fake it out by adding the directory to the front of the path and the middle. Still the files are not searched in the bin.
This in Windows 2000, SP2
Does anyone have a clue what might be the cause?

 

Perhaps the dll's are unregistered. Try simply copying them to your system folder where all the others are.
If that doesnt work, register them (Run--> rgesvr32 <dll name>).