--exclude 'multiple folders here' not working, Win32 version

[Jason McClure <jmcclure at camelliahealth dot com>]

I am attempting to migrate from our current MDaemon system to a 
SmartMail e-mail solution.  I have worked out most of the syntax I need 
to use to get the migration done the way that I would like.

Below is the  syntax as I think it should work:

imapsync --host1 mail.server1.com --user1 user1 at server1 dot com --password1 
PWCHANGED at ssw0rd --host2 smartermail.server2.com --user2 user1 at server2 dot com 
--password2  PWCHANGED at ssw0rd  -noauthmd5 --sep1 . --sep2 / --prefix1 "" 
--prefix2 "" --regextrans2 "s/^\.//g"  --regextrans2 "s/\/\./\//g" 
--regextrans2 "s/INBOX\.//g" --regextrans2 's/^INBOX$/Inbox/' --exclude 
'Deleted Items.IMAP|Junk E-mail.IMAP|Public Folders/Bayesian Learning.IMAP'

When I run this command I get a message stating:  Junk is not recognized 
as an internal or external command, operable program or batch file.

It appears to think that Junk Email is a separate command post impasync 
running and will not allow the command to run.  If I shorten the command 
to:

imapsync --host1 mail.server1.com --user1 user1 at server1 dot com --password1 
PWCHANGED at ssw0rd --host2 smartermail.server2.com --user2 user1 at server2 dot com 
--password2  PWCHANGED at ssw0rd  -noauthmd5 --sep1 . --sep2 / --prefix1 "" 
--prefix2 "" --regextrans2 "s/^\.//g"  --regextrans2 "s/\/\./\//g" 
--regextrans2 "s/INBOX\.//g" --regextrans2 's/^INBOX$/Inbox/' --exclude 
'Deleted Items.IMAP'

It copies over fine, and excludes copying over the items in Server1's 
Delete Items folder.

Oddly enough though, if I attempt to run :

imapsync --host1 mail.server1.com --user1 user1 at server1 dot com --password1 
PWCHANGED at ssw0rd --host2 smartermail.server2.com --user2 user1 at server2 dot com 
--password2  PWCHANGED at ssw0rd  -noauthmd5 --sep1 . --sep2 / --prefix1 "" 
--prefix2 "" --regextrans2 "s/^\.//g"  --regextrans2 "s/\/\./\//g" 
--regextrans2 "s/INBOX\.//g" --regextrans2 's/^INBOX$/Inbox/' --exclude 
'Junk E-mail.IMAP'

It copies everything over INCLUDING the Junk E-mail folder and it's 
contents.

Anyone have any ideas?

Thanks In advance for any help that can be offered.