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 OGIER FIDUCIARY SERVIES LIMITED, ST. HELIER, JERSEY CHANNEL ISLANDS		 3. Date of Earliest Transaction (Month/Day/Year)
07/21/2006
(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               3,141,088 D  
Common Stock               2,628,417 I By Rainbow Gate Corporation (1)
Common Stock               573,707 I By Chelsea Trust Company, as Trustee (2)
Common Stock               650,800 I By Ogier Trustee (Jersey) Limited, as Trustee (2)
Common Stock               396,223 I By Crestflower Corporation (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
6% Secured Convertible Note $ 0.26 07/21/2006   P   3,076,923   07/21/2006 01/21/2008(3) Common Stock 3,076,923 $ 800,000 3,076,923 D  
6% Secured Convertible Note $ 0.26 07/21/2006   P   2,692,307   07/21/2006 01/21/2008(3) Common Stock 2,692,307 $ 700,000 2,692,307 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) $ 0.36 07/21/2006   P   2,153,846   07/21/2006 07/21/2011 Common Stock 2,153,846 (4) 2,153,846 D  
Stock Purchase Warrants (right to buy) $ 0.36 07/21/2006   P   1,884,615   07/21/2006 07/21/2011 Common Stock 1,884,615 (4) 1,884,615 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) $ 0.81 04/25/2006   H     1,291,651 04/25/2003 04/25/2006 Common Stock 1,291,651 (9) 0 D  
Stock Purchase Warrants (right to buy) $ 2.76 12/31/2005   H     249,785 03/03/2004 12/31/2005 Common Stock 249,785 (9) 0 D  
Stock Purchase Warrants (right to buy) (5)               (5)   (5) Common Stock 166,523   166,523 D  
Stock Purchase Warrants (right to buy) (6)               (6)   (6) Common Stock 297,419   297,419 D  
Stock Purchase Warrants (right to buy) (6)               (6)   (6) Common Stock 297,419   297,419 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) (7)               (7)   (7) Common Stock 545,454   545,454 I By Rainbow Gate Corporation (1)
Stock Purchase Warrants (right to buy) (6)               (6)   (6) Common Stock 325,400   325,400 I By Ogier Trustee (Jersey) Limited, as Trustee (2)
Stock Purchase Warrants (right to buy) (8)               (8)   (8) Common Stock 272,727   272,727 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   07/25/2006
**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) 50% of the Principal amount of the 6% Secured Convertible Note matures on July 21, 2007.
(4) The Stock Purchase Warrants were acquired on July 21, 2006 as part of a private placement by the Issuer.
(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 June 10, 2008.
(6) The warrants to purchase Issuer's Common Stock have an exercise price of $0.86 per share, are exercisable immediately, and will expire on April 25, 2010. In connection with the sale by the Issuer of Secured Notes and Stock Purchase Warrants described in the Issuer's Form 8-K filed on July 25, 2006, the exercise price of the warrants was adjusted from $1.09 per share to $0.86 per share in accordance with the terms of the original warrant.
(7) The warrants to purchase Issuer's Common Stock have an exercise price of $1.00 per share, 363,636 shares of Common Stock are exercisable immediately and 181,818 shares of Common Stock are exercisable on or after March 31, 2007 subject to certain conditions, and they all will have an expiration date of October 20, 2010. The Stock Purchase Warrants were acquired on October 26, 2005 as part of a private placement by the Issuer.
(8) The warrants to purchase Issuer's Common Stock have an exercise price of $1.00 per share, 181,818 shares of Common Stock are exercisable immediately and 90,909 shares of Common Stock are exercisable on or after March 31, 2007 subject to certain conditions, and they all will have an expiration date of October 20, 2010. The Stock Purchase Warrants were acquired on October 26, 2005 as part of a private placement by the Issuer.
(9) These warrants expired and were not exercised by the Reporting Person.

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