The red light flashing is an indication of a Lamp Replacement Reminder. During this, the bulb (lamp) is still on and working. To reset the counter you will need to follow these steps.
1. Unplug the system.
2. Wait 30 seconds
3. Press and hold the black reset button on the control
4. While holding the button apply power to the control
5. Wait for 3 audible beeps and then let go of the reset button
6. The control light should be green and the counter reset to 365 days.