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Transparent labels

Hi
I need to put transparent transparent text labels on background that doesnt have a fixed color (bitmap or whatever) so that only the text is visible and merges with the background. I have tried everything but nothing seems to work. Setting the color to Transparent only takes the background color, I even tried creating my own control derived from Label and overriding the OnPaint so that it only calls Drawstring but still the text has an enclosing rectangle with a background color. Is there any way to create a REAL transparent Label
Thanks

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