PVR with transparency

[Kµro]

Hello! I would like to know if and how it's possible to convert a PNG or GIF file to a PVR file while keeping the transparency in the background.
I need the transparency to recreate the textures that hold the menu text in the main menu of Shenmue, since I want to translate the text.

I have the PVR Plugin for Photoshop but I can't manage to keep the tranparency in the background, no matter what setting I use.
I always end up with having a big white frame around the text, wich really doesn't make it look like it should.

So, what setting or what other tool should I use to get a PVR with the transparency. There must be a way, since the game uses PVR files like that.

I would appreciate any help!