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Don't use Save AS. You need to Export the image with Alpha Transparency.
I am using the Export option.
1. Where is the Alpha transparency option?
My file consists of different slices. I tried clicking on both the graphic (a rectangle shape) and the slice, and I still do not see an Alpha Transparency option. There is a Transparent checkbox option in the Property Inspector, though it is greyed out.
The Alpha Transparency option is in the Optimise panel, or the Export Preview Window.