If you would like to disable the software version check link so that it is not shown to the client in the admin, Dave has informed me you do the following. I thought I should post this info so others who may have this question can easily turn this feature off.
You can disable the version check via: admin/control/defined.inc.php. Set 'DISPLAY_SOFTWARE_VERSION_CHECK' to 0.
One other note and to make this easy to find on the forum.
If you would like to remove the Powered By Link in the lic version.
This has been discused at the following link.