🚀 go-pugleaf

You must have distiller printer installed, with the correct PDF and all. 

Your text is becoming black because you are using the wrong printer to print your PDFs, such as the Generic PS printer or something else. 

If the Distiller printer is not available to you using File > Print, then it certainly will be unavailable for File > Save as . . .. That is, if you cannot create PDFs using File > Print, you will not be able to do so using Save as, because Save as is more difficult to use and setup than File > Print. 

You really need to upgrade your Acrobat version. Acrobat 2.1 is, what, 10 years' old? Acrobat Reader 5 is free, what is the problem with upgrading and producing newer-version PDFs? Part of this is that I cannot remember how to set up Acrobat 3.x any more, and support is going to be hard for you to come by, not to mention other issues with version 3 PDFs. 

So, you gotta get the correct Distiller printer. What OS btw? And, what would have caused your printer to go away? 

Cheers, 

Sean