Database - Create Model Container Object?

So I create the model container:

Private mdbContext As PFModelContainer
Private mdbTransactions As Object

Before I did it this way:

Private mdbContext As New PFModelContainer
Private mdbTransactions As mdbContext.Transactions

Thinking maybe I was doing something wrong I changed it over to the first way, then I do:

Public Sub New()
mdbContext = New PFModelContainer
mdbTransactions = mdbContext.Transactions
End Sub

Once I hit mdbContext = New PFModelContainer it takes me over to the PFModel.Designer.vb Where it steps through the following:

Public Sub New()
MyBase.New("name=PFModelContainer", "PFModelContainer")

At which point it terminates execution of the code. This is the error it gives me on the Immediate window:

A first chance exception of type 'System.ArgumentException' occurred
in System.Data.Entity.dll

Is there something I can do to make this error go away? I tried deleting the project and recreating it with my old .edmx model that I downloaded from Mozy from when it used to work. It stopped working (as far as I can tell) after I changed the .edmx model and updated it. Maybe I did something else in the other project too, but I'm not recalling anything.This is what is in the app.config:

<connectionStrings>
<add name="PFModelContainer" connectionString="metadata=res://*/PFModel.csdl|res://*/PFModel.ssdl|res://*/PFModel.msl;provider=System.Data.SqlServerCe.3.5;provider connection string="Data Source=|DataDirectory|inDebugMyDatabase#1.sdf"" providerName="System.Data.EntityClient" />
</connectionStrings>

Should I be referencing System.Data.EntityClient and System.Data.SqlServerCe.3.5 somewhere?The EDMX property Entity Container Name is PFModelContainer and the Namespace is PFModel.