Label forecolor opacity?

Public Class customLabel
    Inherits Label

    Sub New()
        Me.SetStyle(ControlStyles.Opaque, True)
        Me.SetStyle(ControlStyles.OptimizedDoubleBuffer, False)
        Me.SetStyle(ControlStyles.ResizeRedraw, True)

         Font = New System.Drawing.Font("Microsoft Sans Serif", 28.2!)
    End Sub

    Protected Overrides ReadOnly Property CreateParams() As System.Windows.Forms.CreateParams
        Get
            Dim cp As CreateParams = MyBase.CreateParams
            cp.ExStyle = cp.ExStyle Or &H20  ' Turn on WS_EX_TRANSPARENT
            Return cp
        End Get
    End Property

    Property Opacity As Integer
        Get
            Return myOpacity
        End Get
        Set(value As Integer)
            If value >= 0 And value <= 255 Then myOpacity = value
            Invalidate()
        End Set
    End Property
    Private myOpacity As Integer = 0

    Protected Overrides Sub OnPaint(e As System.Windows.Forms.PaintEventArgs)
        Dim myBitmap As New Bitmap(Me.Width, Me.Height)
        Dim gr As Graphics = Graphics.FromImage(myBitmap)

        Dim pBackColor As Color = myBackColor
        If myBackColor = Color.Transparent Then
            If myParent IsNot Nothing Then pBackColor = myParent.BackColor
        End If

        Dim pe As New System.Windows.Forms.PaintEventArgs(gr, e.ClipRectangle)
        MyBase.OnPaint(pe)

        For y As Integer = 0 To Height - 1
            For x As Integer = 0 To Width - 1
                Dim PixelColor As Color = myBitmap.GetPixel(x, y)

                If PixelColor.A <> 0 Then
                    myBitmap.SetPixel(x, y, Color.FromArgb(myOpacity, PixelColor))
                Else
                    myBitmap.SetPixel(x, y, Color.FromArgb(255, pBackColor))
                End If
            Next x
        Next y

        e.Graphics.DrawImage(myBitmap, 0, 0)

    End Sub

    Private Sub me_HandleCreated(sender As Object, e As System.EventArgs) Handles Me.HandleCreated
        myParent = Parent
        If myParent IsNot Nothing Then myParent_Enabled = myParent.Enabled
    End Sub
    Private WithEvents myParent As Control

    Overrides Property BackColor As Color
        Get
            Return myBackColor
        End Get
        Set(ByVal value As Color)
            myBackColor = value
            Me.Invalidate()
        End Set
    End Property

    Private myBackColor As Color = Color.Blue

End Class