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Yes this is correct. You can remove Visual Building Basic version either before or after installing your new version.

You can copy all your projects created in your Basic version into your Professional version. These projects are located in your MyDocuments/Visual Building Basic, and can be copied into MyDocuments/Visual Building Professional.

I have just upgraded from Visual Building Basic to Professional, but the upgrade created a new installation and did not remove the Visual Building Basic version. Is this correct?