I believe that the remote is programmed to send three fames of the NEC1 protocol. Each frame takes about 107 milliSeconds, so the repeats last for about 0.3 seconds. The remote sends additional signals as long as you hold down the button, but there is a small gap every 0.3 seconds. Maybe your projector really wants 100 repeated frames with no breaks in between.

I think it is possible to change the behavior of the remote with a JP1 cable, so that it sends 100 repeats. I don't know for sure, so I'll ask at hifi-remote.com, and perhaps some real experts will weigh in.

ETA: You can check to see if the IR is being transmitted continuously by using a digital camera viewfinder (I use a cell phome) to look at the emitting LEDs.