how to export png from the panel in the form to a transparent png file in VB.NET

Dear Sir,

I'm trying to export png from the panel in the form to a transparent png file in VB.NET.

if I use code option 1 it works because the background image of the panel is already a transparent png while I use code option 2 it does not work and in my panel, there is an additional small image with a picture box.

Please guide me

 Thanks

 Code option 1

Imports System.Drawing.Drawing2D
Imports System.Drawing.Imaging
Imports System.IO

Public Class Form1
    Dim folderPath As String = Application.StartupPath()
    Private SmallImage As Byte()
    Private Sub ExportPanelToPNG()
        ' Create a bitmap with the same size as the panel
        Dim bitmap As New Bitmap(Panel1.Width, Panel1.Height, PixelFormat.Format32bppArgb)
Dim bitmap As New Bitmap(Panel1.Width, Panel1.Height, PixelFormat.Format32bppArgb)
  Using g As Graphics = Graphics.FromImage(bitmap)
            g.CompositingQuality = CompositingQuality.HighQuality
            g.SmoothingMode = SmoothingMode.AntiAlias
            g.InterpolationMode = InterpolationMode.HighQualityBicubic
            Dim savePath As String = folderPath & "\ExportedPanel.png"
            Dim ResizedImage As Image = ResizeImage(Panel1.BackgroundImage, 600, 600)
            SmallImage = SaveImage(ResizedImage)
            ResizedImage.Save(savePath, ImageFormat.Png)
            bitmap.Dispose()
            Process.Start(savePath)
        End Using
    End Sub
 Private Function ResizeImage(ByRef InputImage As Image, MaxWidth As Integer, MaxHeight As Integer) As Image
        'ReSize the Image if needed to save space in the database
        If MaxWidth < InputImage.Width Or MaxHeight < InputImage.Height Then
            'ReSize Image
            Dim Scale As Double = Math.Min(MaxWidth / InputImage.Width, MaxHeight / InputImage.Height)
            Return New Bitmap(InputImage, New Size(Math.Round(InputImage.Width * Scale), Math.Round(InputImage.Height * Scale)))
        Else
            'Image size was OK
            Return InputImage
        End If
    End Function
    Private Function SaveImage(TheImage As Image) As Byte()
        'Converts Image to Byte Array
        Using mStream As New MemoryStream()
            'TheImage.Save(mStream, TheImage.RawFormat)
            TheImage.Save(mStream, ImageFormat.Png)
            Return mStream.ToArray()
        End Using
    End Function
End Class

  Code option 2

Imports System.Drawing.Drawing2D
Imports System.Drawing.Imaging
Imports System.IO

Public Class Form1
    Dim folderPath As String = Application.StartupPath()
    Private SmallImage As Byte()
    Private Sub ExportPanelToPNG()
        ' Create a bitmap with the same size as the panel
        Dim bitmap As New Bitmap(Panel1.Width, Panel1.Height, PixelFormat.Format32bppArgb)
Dim bitmap As New Bitmap(Panel1.Width, Panel1.Height, PixelFormat.Format32bppArgb)
  Using g As Graphics = Graphics.FromImage(bitmap)
            g.CompositingQuality = CompositingQuality.HighQuality
            g.SmoothingMode = SmoothingMode.AntiAlias
            g.InterpolationMode = InterpolationMode.HighQualityBicubic
            Dim savePath As String = folderPath & "\ExportedPanel.png"
              Dim ResizedImage As Image = ResizeImage(DrawControlToBitmap(Panel1), 600, 600)
            SmallImage = SaveImage(ResizedImage)
            ResizedImage.Save(savePath, ImageFormat.Png)
            bitmap.Dispose()
            Process.Start(savePath)
        End Using
    End Sub
    Private Shared Function DrawControlToBitmap(ByVal control As Control) As Bitmap
        Dim bitmap As New Bitmap(control.Width, control.Height)
        Dim graphics As Graphics = Graphics.FromImage(bitmap)
        Dim rect As Rectangle = control.RectangleToScreen(control.ClientRectangle)
        graphics.CopyFromScreen(rect.Location, Point.Empty, control.Size)
        Return bitmap
    End Function
 Private Function ResizeImage(ByRef InputImage As Image, MaxWidth As Integer, MaxHeight As Integer) As Image
        'ReSize the Image if needed to save space in the database
        If MaxWidth < InputImage.Width Or MaxHeight < InputImage.Height Then
            'ReSize Image
            Dim Scale As Double = Math.Min(MaxWidth / InputImage.Width, MaxHeight / InputImage.Height)
            Return New Bitmap(InputImage, New Size(Math.Round(InputImage.Width * Scale), Math.Round(InputImage.Height * Scale)))
        Else
            'Image size was OK
            Return InputImage
        End If
    End Function
    Private Function SaveImage(TheImage As Image) As Byte()
        'Converts Image to Byte Array
        Using mStream As New MemoryStream()
            'TheImage.Save(mStream, TheImage.RawFormat)
            TheImage.Save(mStream, ImageFormat.Png)
            Return mStream.ToArray()
        End Using
    End Function
End Class