In version 2.0 we added the thumbnail and the preview format into the parseoptions (GN4-1678).
Two new ParseOptions (to set in parse activity or using parser.exe) are
•ThumbnailFormat: Thumbnail Output format: -1 (NONE, default), 0(JPEG), 1(GIF), 2(PNG)
•PreviewFormat: Preview Output format: -1 (NONE, default), 0(JPEG), 1(GIF), 2(PNG)
If you chose PNG as preview format, it allows the transparency for PDF.
Using JPEG preview in Fred, the PDF as shown without any transparency (JPEG does not support Alpha channel), the print output result different than the Fred4 preview.
Using PNG in these cases the problem is solved.
About NONE format
NONE is the default current value: if the image contains transparency, parser saves the thumbnail/preview as PNG, otherwise it saves them as JPEG.
When using NONE, the PDF thumbnail/preview will be PNG (all PDF should have transparency)