warning: exif_imagetype(files/watermark): failed to open stream: Permission denied in C:\apache2triad\htdocs\drupal\sites\all\modules\watermark\watermark.module on line 252.
Image file files/watermark is an unsupported format type=.
Error adding watermark.

I created watermark image with photoshop in png format, mode 8bits/channel, save in the files/watermark/watermark.png

Watermark overlay image: *
files/watermark

drupal=5.2
PHP = 5.1.2
GD = enable
gd version=2.0.28

please help..