I am getting this same error on a Windows 8.1 Phone when deploying directly to the device.
If I set the configuration of the solution to ARM and Debug mode, I am able to deploy to the device and run the app with no problems.
If I set the configuration of the solution to ARM and Release mode, I get an exception as soon as it calls Telerik.Storage.Extensions.Context. The message from the exception is "The specified module could not be found".
Stack Trace:
at System.StubHelpers.StubHelpers.GetWinRTFactoryObject(IntPtr pCPCMD)
at Telerik_Storage.Database.GetOrCreateDatabase(String databaseName, DatabaseLocation location)
at Telerik.Storage.Extensions.Context..ctor(String databaseName, DatabaseLocation location)
Am I supposed to configure something different in release mode to include everything?