KeyGenMe #5 :: .NET :: Difficulty : 4 [HARD !]

KeyGenMe Location : KeyGenMe #5 @ Crackmes.de
Solution Location : Solution by indomit.

One of my hardest KeyGenMes yet !! KeyGenMe #5. It's coded in VB.NET. Features :
(*) NOT Packed
(*) NOT Encrypted
(*) Kool GFX

The Rules :
(*) NO Patching
(*) NO Brute-forcing

The Tasks :
1. Try to get Status as "VALID".
2. Find the algorithm for the computations involved.
3. Make keygen to VALID Key for ANY name. Please note that VALID KEYS EXIST FOR ALL NAMES.
4. Write a descent tutorial. ;)

The Hint :
==========---
Think about MID(KEY,2,3) where KEY is ANY VALID KEY. ;-)

Readers, if you solve this, please upload your solution to CrackMes.de.