Is that the output running the Compile or Build tool from the menu? Are there multiple projects/dependencies involved in the same solution file that it is trying to build? I would have to look at your SlickEdit .vpj/.vpw file to see how those commands are configured to see what is going on? Could also be the Beep on completion option causing something weird in this case, I will have to double-check that option to see if there is some issue building the command-line.
UPDATE: Yep, the addition of the Beep on completion option is mangling the command-line, that is causing an issue. That option may need to be disabled for this case, but I will check into it see what needs to be fixed.
UPDATE[2]: This will be fixed in next beta release. Thanks for the report.