Never mind, just got a bit tangled up. I used Text instead of DBText.
Dim text As DBText = New DBText
text.WidthFactor = 0.7
text.TextString = "Just a Test"
text.Height = 0.125
text.Position = New Point3D(0.0, 0.0, 0)
btr.AppendEntity(text)
tm.AddNewlyCreatedDBObject(text, True)