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Versacopter Issue - Bound, but continuous beep when try to Launch

Just built my Versacopter. Have Graupner GR-18 receiver and MZ-12 Rx combo. Bind was successful. Calibrated ESCs ok and calibraged the Gyros also. However, when tried to fly today, normal beeps when binding happened then continuous beeps and no further response from Versacopter. Is it an alarm? What could be the reason. All wiring looks ok. Any ideas? Would appreciate comments, ideas, any help. Thanks.
Check the battery on your MZ-12. When that gets low it just beeps at you like an idiot and it takes forever to figure out why. :-(

Hope this helps...