Sure, if you read the instructions, I tell you how to replace / remove the ads.
Quote:
NOTE: To Remove Advertisements, you simply go to the ADMINCP - > Style Manager - > Edit this styles templates - >
Revert all Ad location Templates to the default vBulletin value, or if you would like to use your own ads in place of the sample ads, edit each ad location template and replace the ad code with your own.
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Revert those templates and you will have no ads.