PicturesToExe includes full colour management since Version 9.
-noicc - disable colour management and colour profiles of images (works as PTE 8).
-icc srgb - use sRGB colour space
-icc adobergb - use AdobeRGB colour space
-icc - use current monitor profile
-icc profilename.icc/icm - use custom colour profile which is located in same folder with EXE.
So this gives you great possibilities. For example, people send EXE presentations to a camera club for AV competition. If you have a calibrated AdobeRGB projector, you can force to run these EXE presentations in Adobe RGB colour space with wide-gamut. It will give excellent results, if AV authors will use Adobe RGB images in EXE files.
PicturesToExe performs colour managements for all objects (images, videos, text, rectangles, background).