Power LED blinking GREEN at a 5 Hz rate indicates the device is booting. If you are seeing 7 blinks my guess is that it is trying to boot for about 1.4 seconds, then... A RED power LED indications a hardware or boot failure. I've not seen any documentation that talks about an alternating red/green power LED. My guess (I'm doing a lot of that here) is that you've got a hardware or firmware issue. Possibly the attempt to load new firmware failed. It cab be a longish process (10-15 minutes). I can imagine that a glitch or loss of power at the wrong time could cause issues.
I think you need to handle this through either Hexcode or their US distributor.