Red lights and blinking lights are never good.
Have you contacted Air Venturi/Pyramyd Air? They are usually very good at helping people.
I cannot tell much about your compressor, I mostly use this one:
If you tilt it around, and a bubble gets into the coolant circuit, preventing the coolant pump from actually drawing coolant to circulate (not too smart design where the entry and take-off of liquids seem to be reversed), then the compressor protects itself and will not start the compressing phase.
Issue here is that coolant tank may SEEM full, but because of the "reverse geometry", it is not; and a bubble in the wrong place is occupying space that should be filled with coolant.
That is MY experience and it is very frustrating, I know.
In any case, sorry this happened to you, do contact Pyramyd and see what they think, it may have a simple solution.
Keep us posted!
HM











