Rendering text to a texture is simpler than what the Sprite Text demo make it looks like, the basic idea is to use the Canvas class to render to a Bitmap and then pass the Bitmap to an OpenGL texture:
// Create an empty, mutable bitmap
Bitmap bitmap = Bitmap.createBitmap(256, 256, Bitmap.Config.ARGB_4444);
// get a canvas to paint over the bitmap
Canvas canvas = new Canvas(bitmap);
bitmap.eraseColor(0);
// get a background image from resources
// note the image format must match the bitmap format
Drawable background = context.getResources().getDrawable(R.drawable.background);
background.setBounds(0, 0, 256, 256);
background.draw(canvas); // draw the background to our bitmap
// Draw the text
Paint textPaint = new Paint();
textPaint.setTextSize(32);
textPaint.setAntiAlias(true);
textPaint.setARGB(0xff, 0x00, 0x00, 0x00);
// draw the text centered
canvas.drawText("Hello World", 16,112, textPaint);
//Generate one texture pointer...
gl.glGenTextures(1, textures, 0);
//...and bind it to our array
gl.glBindTexture(GL10.GL_TEXTURE_2D, textures[0]);
//Create Nearest Filtered Texture
gl.glTexParameterf(GL10.GL_TEXTURE_2D, GL10.GL_TEXTURE_MIN_FILTER, GL10.GL_NEAREST);
gl.glTexParameterf(GL10.GL_TEXTURE_2D, GL10.GL_TEXTURE_MAG_FILTER, GL10.GL_LINEAR);
//Different possible texture parameters, e.g. GL10.GL_CLAMP_TO_EDGE
gl.glTexParameterf(GL10.GL_TEXTURE_2D, GL10.GL_TEXTURE_WRAP_S, GL10.GL_REPEAT);
gl.glTexParameterf(GL10.GL_TEXTURE_2D, GL10.GL_TEXTURE_WRAP_T, GL10.GL_REPEAT);
//Use the Android GLUtils to specify a two-dimensional texture image from our bitmap
GLUtils.texImage2D(GL10.GL_TEXTURE_2D, 0, bitmap, 0);
//Clean up
bitmap.recycle();