Is there an upgrade install package at all for the new version?, I downloaded the new version but it asks to uninstall current version first.

There is no upgrade install for the current time. So you should uninstall the older version.

Or if you want to work with both version, follow those steps:

1- move the older version from the installation folder to another folder 2- uninstall the old version from "Add/remove programs" 3- Install the new version

Now you can use the new version and you can use the old one from the folder you moved it to.