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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
GINOLA LTD
  2. Issuer Name and Ticker or Trading Symbol
EMAGIN CORP [EMAN]
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 OGIER FIDUCIARY SERVIES LIMITED, ST. HELIER, JERSEY CHANNEL ISLANDS
3. Date of Earliest Transaction (Month/Day/Year)
07/23/2007
(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               314,109 D  
Common Stock               262,842 I By Rainbow Gate Corporation (1)
Common Stock               57,371 I By Chelsea Trust Company, as Trustee (2)
Common Stock               65,080 I By Ogier Trustee (Jersey) Limited, as Trustee (2)
Common Stock               39,622 I By Crestflower Corporation (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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
6% Secured Convertible Note $ 2.6 07/23/2007   H(3)     307,692 07/21/2006 01/21/2008(3) Common Stock 307,692 $ 800,000 0 D  
Amended and Restated 8% Secured Convertible Note $ 0.75 07/23/2007   P(3)   1,066,666   07/23/2007 12/21/2008 Common Stock 1,066,666 $ 800,000 1,066,666 D  
Stock Purchase Warrants (right to buy) $ 3.6 07/23/2006   H(4)     215,385 07/21/2006 07/21/2011 Common Stock 215,385 (4) 0 D  
Amended Stock Purchase Warrants (right to buy) $ 1.03 07/23/2007   P(4)   746,666   07/23/2007 07/21/2011 Common Stock 746,666 (4) 746,666 D  
6% Secured Convertible Note $ 2.6 07/23/2007   H(3)     269,231 07/21/2006 01/21/2008(3) Common Stock 269,231 $ 700,000 0 I By Rainbow Gate Corporation (1)
Amended and Restated 8% Secured Convertible Note $ 0.75 07/23/2007   P(3)   933,333   07/23/2007 12/21/2008 Common Stock 933,333 $ 700,000 933,333 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) $ 3.6 07/23/2007   H(4)     188,462 07/21/2006 07/21/2001 Common Stock 188,462 (4) 0 I By Rainbow Gate Corporation (1)
Amended Stock Purchase Warrants (right to buy) $ 1.03 07/23/2007   P(4)   653,333   07/23/2007 07/21/2011 Common Stock 653,533 (4) 653,333 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) (5)               (5)   (5) Common Stock 16,653   16,523 D  
Stock Purchase Warrants (right to buy) (6)               (6)   (6) Common Stock 29,743   29,742 D  
Stock Purchase Warrants (right to buy) (6)               (6)   (6) Common Stock 29,742   29,742 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) (7)               (7)   (7) Common Stock 54,545   54,545 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) (6)               (6)   (6) Common Stock 32,540   32,540 I By Ogier Trustee (Jersey) Limited, as Trustee (2)
Stock Purchase Warrants (right to buy) (7)               (7)   (7) Common Stock 27,273   27,273 I By Chelsea Trust Company, as Trustee (2)

Reporting Owners

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

Signatures

 /s/ Jonathan G. White   07/25/2007
**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 Gate 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 outstanding 6% Secured Convertible Note purchased on July 21, 2006, as part of a private placement by the Issuer, in which 50% of the principal amount matured on July 23, 2007 and 50% would have matured on January, 21, 2008, was amended pursuant to an Amendment Agreement with the Issuer, effective July 23, 2006 (the "Amendment Agreement"), which extended the maturity date for the entire note to December 21, 2008, reduced the conversion price from $2.60 to $0.75 and increased the interest rate from 6% to 8%. This amendment is reported above as the cancellation of the "old" note and the acquisition of a new one.
(4) The Stock Purchase Warrants acquired on July 21, 2006 as part of a private placement by the Issuer was amended pursuant to the Amendment Agreement, which decreased the warrant purchase price from $3.60 to $1.03. This amendment is reported above as the cancellation of the "old" warrant and the acquisition of a new one.
(5) The warrants to purchase Issuer's Common Stock have an exercise price of $27.60 per share, are exercisable immediately, and will expire on June 10, 2008.
(6) The warrants to purchase Issuer's Common Stock are exercisable immediately, will expire on April 25, 2010, and had an exercise price of $7.12 per share prior to the execution of the Amendment Agreement but are subject to re-pricing due to the execution of the Amendment Agreement in accordance with the terms of the original warrant.
(7) The warrants to purchase Issuer's Common Stock have an exercise price of $10.00 per share, are exercisable immediately and will expire on October 20, 2010.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.