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Openfire Mountain Lion Install Issues

I am trying to create an Openfire server on my machine for a simple XMPP client. I am running Mountain Lion (OS X 10.8.3). After installing Openfire and opening it under System Preferences, I am unable to “Start” the Openfire server. I have read on the internet that the problem may stem from the version of JAVA that Mountain Lion is running, but I figured I would ask here and see if anyone has any input / advice.