This might not answer the question, but here is some code you can use to blink, whether it's text color, or anything else. The below example will blink the text color between white and black.
Private Sub Timer1_Tick(sender As Object, e As EventArgs) Handles Timer1.Tick
If Me.btn_Acknowledge.ForeColor = Color.White Then
Me.btn_Acknowledge.ForeColor = Color.Black
Else
Me.btn_Acknowledge.ForeColor = Color.White
End If
End Sub