Try replacing...

.HTMLBody = "<HTML><BODY><H2><I><P Style='font-family:Arial;font-size:18pt;color:red'>Example <Change font color HERE>Text #1</CHANGE></I></H2></P>"
with

.htmlbody = "<HTML><BODY><H2><I><P Style='font-family:Arial;font-size:18pt;color:red'>Example <span style=""color:rgb(31,73,125);"">Text #1</span></P></I></H2>"