Blinking power light and hard drive lights

Both have been blinking for 72 hours after I did a factory reset.  Sharespace is not detectable on my mac.  I am at a loss at this point.  Worked fine before I got my new IMAC.  I would appreciate any suggestions or tips please.  Thanks in advance.

What OS are you using in your new IMAC, Lion? If this is the case, remember that you need to have the latest firmware update available for the WD ShareSpace.

I have had the same problem. However, It’s only been around 17 hours for me.