Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
GINOLA LTD
   2. Issuer Name and Ticker or Trading Symbol
EMAGIN CORP [EMA] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O FIDUCIARY SERVIES LIMITED, ST. HELIER JERSEY CHANNEL ISLANDS		 3. Date of Earliest Transaction (Month/Day/Year)
01/13/2005
(Street)

 JE49WG		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/13/2005   X   218,637 A $ 0.5469 3,141,088 D  
Common Stock               1,646,054 I By Rainbow Gate Corporation (1)
Common Stock               650,800 I By Ogier Trustee (Jersey) Limited as Trustee (2)
Common Stock               396,223 I By Crestflower Corporation (2)
Common Stock               119,161 I By Chelsea Trust Company as Trustee (2)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Purchase Warrants (right to buy) $ 0.5469 01/13/2005   X     218,657 01/14/2002 01/14/2005 Common Stock 218,657 (3) 0 D  
Stock Purchase Warrants (right to buy) (4)               (4)   (4) Common Stock 1,291,651   1,291,651 D  
Stock Purchase Warrants (right to buy) (5)               (5)   (5) Common Stock 249,785   249,785 D  
Stock Purchase Warrants (right to buy) (6)               (6)   (6) Common Stock 166,523   166,523 D  
Stock Purchase Warrants (right to buy) (7)               (7)   (7) Common Stock 297,419   297,419 D  
Stock Purchase Warrants (right to buy) (8)               (8)   (8) Common Stock 289,310   289,310 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) (9)               (9)   (9) Common Stock 297,419   297,419 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) (10)               (10)   (10) Common Stock 325,400   325,400 I By Ogier Trustee (Jersey) Limited as Trustee (2)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GINOLA LTD
C/O FIDUCIARY SERVIES LIMITED
ST. HELIER JERSEY CHANNEL ISLANDS
 JE49WG		     X    

Signatures

 /s/ Joerg Fischer   01/14/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These securities are owned by Rainbow Gate Corporation. The sole shareholder of the Reporting Person is also the sole shareholder of Rainbow Gte Corporation.
(2) These securities are owned solely by Crestflower Corporation, Ogier Trustee (Jersey) Limited, as trustee, and Chelsea Trust Company Limited, as trustee, as indicated. The Reporting Person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of these securities.
(3) The Stock Purchase Warrants were acquired on January 14, 2002 as part of the amendment and waiver to the $300,000 9% Secured Convertible Note that was originally issued in a private placement by the Issuer on November 27, 2001 for a total consideration of $300,000.
(4) The warrants to purchase Issuer's Common Stock have an exercise price of $0.8110 per share, are exercisable immediately, and have an expiration date of April 25, 2006.
(5) The warrants to purchase Issuer's Common Stock have an exercise price of $2.76 per share, are exercisable immediately, and will expire on December 31, 2005.
(6) The warrants to purchase Issuer's Common Stock have an exercise price of $2.76 per share, are exercisable immediately, and will expire on June 10, 2008.
(7) The warrants to purchase Issuer's Common Stock have an exercise price of $1.21 per share, are exercisable beginning on April 25, 2005 and will expire on April 25, 2010.
(8) The warrants to purchase Issuer's Common Stock have an exercise price of $0.7542 per share, are exercisable immediately, and have an expiration date of February 28, 2005.
(9) The warrants to purchase Issuer's Common Stock have an exercise price of $1.21 per share, are exercisable beginning on April 25, 2005 and will expire on April 25, 2010.
(10) The warrants to purchase Issuer's Common Stock have an exercise price of $1.21 per share, are exercisable beginning on April 25, 2005 and will expire on April 25, 2010.

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