How are you setting the image?  Are you sure that the image is actually being loaded?  Does this work with the .NET PictureBox?  I just tried this out through a button click and didn't really have any trouble; as a simplified test, I created the image in code:

private void button1_Click(object sender, EventArgs e)
{
    Bitmap bmp = new Bitmap(300, 300);
    using (Graphics g = Graphics.FromImage(bmp))
    {
        g.FillRectangle(Brushes.Red, new Rectangle(Point.Empty, bmp.Size));
    }
    this.ultraPictureBox1.Image = bmp;
}

-Matt