Cannot print B&W with Crystal Reports API

I am unable to print black and white using Crystal reports .NET object model.

I am using 'Cute PDF' printing driver which is able to print B&W/color correctly using Windows API directly (with DEVMODE/dmColor+dmFields).  Trying to do the same via Crystal does not work. Two attempts have been made:

1. using SetDevMode (PrinterSettings::SetHdevmode() and PageSettings::SetHdevmode() with DEVMODE structure filled as in case of direct Windows API direct call)
2. using PrinterSettings/PageSettings Color field

None of these seem to work and the report is printed in color regardless of parameters set.

Powershell script used for test:

#load the assemblies

[reflection.assembly]::LoadWithPartialName('System.Drawing.Printing')

[reflection.assembly]::LoadWithPartialName('CrystalDecisions.Shared')

[reflection.assembly]::LoadWithPartialName('CrystalDecisions.CrystalReports.Engine')

$ReportLocation = "C:\Test\chequereport.rpt"

$PrinterName = "CutePDF Writer"

#setup Crystal Document object

$Report = New-Object CrystalDecisions.CrystalReports.Engine.ReportDocument

#load the Crystal Report

$Report

.Load($ReportLocation)

#create the required printer and page settings

$PrintOptions = New-Object System.Drawing.Printing.PrinterSettings

$PageOptions = New-Object System.Drawing.Printing.PageSettings

#add the desired printer or it will print to the default printer

$PrintOptions.PrinterName = $PrinterName

$PrintOptions.Copies = 1

$PageOptions.Color = $false

$PrintOptions.DefaultPageSettings.Color = $false

#print

$Report.PrintToPrinter($PrintOptions, $PageOptions, $false)

$Report.Dispose()