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Did you try exporting the project and check the output? For example, did you check the output after burning the project onto a disc?
If you deleted rendered files and re-rendered the project after purchasing the license, you should not see watermarks in the output (post export).
However, if the problem persists, you may have to re add the media assets in the project.
Once you've purchased the program, you will also need to delete your rendered files to clear the watermarks off your video, as described in this FAQ from the list to the right of our forum.
Thanks for your replies. As I said I had already deleted Rendered files so this wasn't the problems. I think the machine needed a restart as tonight it simply loaded the media files without the banner.