Clone Altiris host for hardware refresh licensing issue

Hello,

I am completely new to the Altiris software and have been asked what would be the best way to preserve this system while conducting a hardware refresh. What are the best ways to clone this solution in vmware to new hardware and preserve all functionality? I was told that on a normal day, this was not possible due to the licensing protection inherent in the software. I can't really accept that answer though and would like to confirm.