It hasn't been updated since 2011 but it's from the maker of vector clocks (https://www.portablefreeware.com/index.php?id=1999). Supports transparency, ability to combine screenshots, position, rotate, add reflections, 3D views, and more. It's the only freeware program I've been able to find with a "zoom" view component (like Screenpresso) in its editor:
Screenshot: https://i.imgur.com/JRcHq5w.png (somewhat large so I'm just linking to it)
Home: http://www.crossgl.com/asc_overview.htm / Snapfiles: http://www.snapfiles.com/get/alphascreenshot.html
Status: Not portable. I couldn't get around the installer with something like Universal Extractor. The program writes to \AppData\Local\SnapDraw-Free
OS: Doesn't list support for anything above Win7, but I Was able to run it fine under Win10x64.
Post details of freeware that are found to be not portable here. Posts in the submissions forum relating to freeware found to be not portable should also be moved here.
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Update: So I played with this program a bit more and find myself recommending against it. The lack of an undo function and the difficulty working with multiple objects makes this frustrating. I might use it for the nifty zoom feature but that's probably all.