Although this is a brand new rebuild of the project it is already behind the curve as it only appears to support 8bit RGB values and not HDR displays with 10bit or 12bit or even 16bit RGB values.

For anyone needing something like this (that probably can't do all that the description is offering but is pretty similar), I recommend PowerToys which is a Windows utility that has a lot of useful features. So many that it might be a little overwhelming, but it works pretty well.

The home page for this product says you can try it for free but nowhere on the page does it seem to provide a download link! I opened a chat window and asked and they referred me to this event ... then on pushing they directed me to a URL for an installer but said it was an old version it is... 2.1... https://www.binarymark.com/download/11 or https://download.binarymark.com/ColorPickerProSetupT.exe which is a lot more basic interface but runs under vista and probably will run under XP too. Then he offered me a fixed giveaway zip URL https://download.binarymark.com/CPP3_GAOTD_FIX.zip
that has same license and portable nature but is a higher minor version number suggesting it's a newer build. GIveaway bundle at time of posting was 3.0.2509.2100-3d42e (g-x86)
and the CPP3_GAOTD_FIX.zip version number is 3.0.2509.2500-3d42e (g-x86)

This giveaway is a pre-release unannounced public beta test of a new major version GUI revamp.

what happens once license expires does it simply cease to function or is there any remaining functionality?

This is such a valuable tool for the over accurate colorblind pixel enthusiast. You can use it for example for todays Game Giveaway "Simple Puzzle", to make it a more "Complex Puzzle", or to check if your screen background is really pure white or black and not yellowish, bluish, or brownish.. Most cheap monitors do not show colors accurately and have to be calibrated manually. It is also good for cloning the colors of old computer games where it is for example not clear if the ship in space invaders is purple or pink. It must be mentioned that the most common problem when it comes to picture conversion from one colorspace to another is color banding, what means, that you have visible jumps in the homogenity from one colortone to another.
What I do not like so much is the 1-year only license, what will happen after the 1-year, will the program refuse work or go to trial-mode? I prefer unlimited giveaways or freeware.

This is not a dig at the offered product, but I am at a loss thinking why this very specialized utility exists. I mean, I would think that anyone who requires a color picker and be able to convert between color spaces would already have similar tools built in whatever design software they use.

I would be a lot happier with this software if it would scale to fit on my screen. I have a wide, not a tall screen and the bottom portion of the software is never visible. How much is missing is anybody's guess.
Anyway, even if it is a screw up for visibility on all the screens(3) it can still provide some useful information. Would I pay for it - the way it is right now - Not a chance. It needs to work properly before I would consider spending a dime on it.

Then what. Can you import the colour into photo editing software (which usually has this feature anyway) or other software like word processors. What do you do with the colours once you've picked them.