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This latest release(both standalone and dsp) is triggering my Avast antivirus> it says it suspects the Win32:evo-gen virus. When I scan the file it does not seem to contain a virus but the file is not executable as a valid win32 application.

Having the same issue.
I reported a false positive and disabled Avast for 10 minutes than re-enabled it after installing Stereo Tool. Not sure what's triggering the false positive. The executable will need to be re-downloaded otherwise it won't work at all or be a valid executable.
I had that problem after updating Valve's Steam Client program once. I couldn't get Steam to work after Avast flagged a false positive.
Stereo Tool is safe. I read that a lot of anti-virus solutions are so bad with false positives as of late that corporate IT staff don't often have time to investigate every false positive.
I had to disable Avast just to install an old CD-ROM game that never triggered an anti-virus alert before with Avast.
Anti-Virus programs use millions of small samples each update or signatures that small pieces of the actual virus and it's possible for it to flag a legit program as a virus and miss one that keeps evolving.
No matter what, you should have anti-virus installed and enabled at all times because it can save you from actual attack especially if you visit a shady site by mistake and it blocks you from viewing it.
You can get nasty bugs with a lot of free programs on the web by going accept and next and next and next without seeing if it installs anything else. If a program forces to install something else other than it's self. It's wise to find a different program. Some download sites make you install their own management crap before giving you the actual program (avoid those and try to only get it from the developer's site or approved mirrors) as that's often adware. Stereo Tool does none of this crap.
There's been a lot of high profile attacks over the last few years, so I imagine anti-virus vendors are a little on edge.