I don't know how to get the code above to work, so I can't answer your questions. I do know of a different way that might help you. I have used Matlab timers with lots of success. Matlab simply implements a Java timer, so you could do the same with Java if you don't have a Matlab license. Use a Java timer that executes every minute and check the clock in the timer function. When the clock matches the time you're looking for, then launch your VB script or whatever function it is that you need to run. You just need to leave the Java application (or Matlab) running continuously.

Hope that helps,
Brad