Dev.RenderState.AlphaSourceBlend = Blend.SourceAlpha
Dev.RenderState.AlphaDestinationBlend = Blend.InvSourceAlpha
DEv.RenderState.AlphaBlendEnable = True
in your render sub,
and then when loading your texture,
text = new texture(yourbitmap, width,height...,transparent color [see Intellisense])