How I created the circular text using my friend's PhotoImpact - 7.
Using PhotoImpact - 7, Click on File, New, New Image.
In dialogue box, set size of screen, and Click Okay.
Click on the "T", and click screen ( where you click the screen will begin the text ) for font-size dialoge box ( text entry box ); set font size, etc., and enter text in the view pane, Click Okay. The size of the font determines the size of the circular text...big font - big circle.
Click Object, Wrap, "Select From Wrap Gallery"...select shape, ( circular is no. 23 ) and drag to screen. The text will form a circle.
With cursor in the work pane, Right Click the mouse, and Click on Copy.
Note: I use Paint alot because the things I have learned to do with Paint, I can't figure out how to do with most other graphic/photo editing applications. If I could do everything with Paint, I would...one of them is making circular text...can't be done in Paint. At this point that is all I want to do...my graphic artistry requires very little...I'm not in that business. Googling, I search for "how to" do simple things...that's how I find out...to continue:
Open "Paint", Click on Edit, then Paste.
See small black dot on right of work pane halfway down, and similar dot at bottom of work pane halfway along...these dots are hard to spot, but they're there...seems like they didn't want anyone to know. Place mouse on either dot, and when double arrow appears press mouse button, and make like you're going to move the dot...read size of work pane at bottom of screen in small box extreme right.
Knowing the size of the work pane, by placing the cursor to extreme left ( read zero ) , measure in towards center...do same from top of work pane. Where two readings indicate middle place a dot...this is the center of the text circle you made...you may want to know the center, though it's not essential.
If you want a circle around the text, enlarge the work pane using the two dots mentioned above...make it a square for convenience...remember values.
Place select box around circular text, place cursor on dot you made for center, and drag to center values of new pane.
Go find values for circle...place cursor where circle should land top, and side of circular text...remember values. Place cursor where both values appear, hold down Shift Key for perfect circle, and drag circle to where it looks good.
None of this is easy to explain...most things I do with Paint I have discovered myself over the years. Relentless experimentation pays off. Actually, these postings in my Silly Puddy Galery are for me...what I manage to create isn't documented anywheres, and if I don't document it, it's gone forever...I will forget.
As promised above...how to "lighten up" a Watermark...for example, the original on the left into the graphic on the right: