I solved my exception problem. As they say, there is always a simple solution to every problem.
Being that I was in the middle of setting up my IDE, I have gone through many tool installation and uninstallation and different version of it too. Somehow things got mixed up and my IDE was pointing to a printers4lazarus version that didn't work with the IDE. So, I simply uninstalled and deleted the folder it was pointing to and then restarted Lazarus IDE. It then pointed to the right folder for Printers4Lazarus component which was /usr/bin/lib64/Lazarus/components/.
So, if you are having similar problem, simply start from scratch. remove or uninstall the component from your IDE. Then, rename the folder where the component is located if you have to. Restart your IDE. If you are still having problem, then you need to check to see where your IDE is pointing to for this package. The idea is to start from scratch, install the package and then see if you still having problem.
Good Luck.