Text formatting is taken care of in the checkBold method. I know the name doesn't really fit it, but that is what happens when you are a little green when writting the code and don't properly plan it.
For italics you would add something like this (not tested):
ElseIf Mid(varString, varPlace, 3) = "<I>" Then
printStyle = FontStyle.Italic
varPlace += 2
ElseIf Mid(varString, varPlace, 4) = "</I>" Then
printStyle = FontStyle.Regular
varPlace += 3
The font size would be taken care of in the same place. I would use a tag such as <SIZE=?> </SIZE>. A change like this will require you to understand the code fairly well and make a few changes to the main print method to implement it.
Unfortunately, the project this code belongs to has been put on hold for awhile so I have been unable to complete it.