Label Transparency

I tried creating transparent labels in VB.NET by using the following code:

[code][blue]Lablel1.BackColor = System.Drawing.Color.Transparent[/blue][/code]

While it appears that the label property [italic]did change[/italic] with the assignment, I had no luck getting the label [b]to actually look transparent[/b]. Instead it looks off-white.
I also tried setting its property through the property window using the "Transparent" option under "web colors." No such luck. I use the transparent effect extensively in an application I'm upgrading from VB 6 to place data from a database in front of a bitmap image.

[red]Has anyone had success with this in a windows form using VB.NET?[/red]

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