VB6 (Not .NET), RTF - Write Rotated Text Picturebox to RTF String

I am creating a "Print Preview" facility (we won't get into WHY I am creating it).
This facility provides a programmer with the ability to create a report; programmatically specify X and Y coordinates on a page, and then insert Text, Shapes, external pictures, or internal pictureboxes.
In addition, rotated text can be inserted.
This all works great

The facility also has the ability to EXPORT the resultant report to PDF and/or RTF.
It does this by writing the necessary control "strings" around the content, and writing all this out to an appropriately named file (xxx.PDF or xxx.RTF).
I have completed the PDF portion. It works just fine.
I have almost completed the RTF portion.

Here is my problem.
To rotate text in a RTF, it appears the only way is to build the rotated text into a picturebox,
with the desired font, size, forecolor, then crop this picturebox to only contain the rotated text.
I have done this successfully too.
When I extract the contents of the picturebox into a hex string, and insert that into the RTF,
that all works fine.
BUT.... the background of the picturebox is NOT transparent, so any other objects in the RTF which are near this picturebox (especially other rotated text) gets overlayed by the overlapping portions of this picturebox.

So I then make the background of this picturebox transparent.
This works fine. At least it does on a form.
But when I do my hexextract of this now transparent background picturebox, and insert that into my rtf file... again.... the background is NOT transparent. So overlay still occurs.

I have a sample of some rtf control strings and hexstring which actually does display rotated text with a transparent background.

So I am needing to figure out how to make that code string from my picturebox.

Here is the sample of rtf control strings and hexdata which DOES have rotated text in it.
And it DOES display as such, with no overlap showing (obviously the background is transparent).
(Or something else is going on, which I am not aware of... and would be greatfull for some direction in that regard)

{\shp{\*\shpinst\shpleft0\shptop0\shpright32000\shpbottom32000
\shpfhdr0\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt0\shpz0\shplid1014
{\sp{\sn shapeType}{\sv 75}}
{\sp{\sn fFlipH}{\sv 0}}
{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn pib}{\sv
{\pict\wmetafile8
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
}}}
}
}

How do I get a similar hexstring within my program, from a picturebox which has the rotated text in it, and a transparent background?

Thanks