Please check the following two things:

1) Check that Enable support for Assistive Devices is enabled.  This option is found in System Preferences, under Universal Access.

2) If this is enabled, but shortcuts still don't work, please check your keyboard layout.  If it's set to any non-unicode layout see if you can change it to a unicode variant.  If not, try setting it to English. And then back again to your desired layout.   Restart iShowU HD and see if shortcuts now work (we did this with a customer and it worked).

Check the following attachments, they show you how you can check for a correctly setup shortcut: