SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GINOLA LTD

(Last)

(First)

(Middle)

C/O FIDUCIARY SERVIES LIMITED

ST. HELIER JERSEY CHANNEL ISLANDS

(Street)

JE49WG

(City)

(State)

(Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
01/13/2005

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
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⁾

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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⁾

Explanation of Responses:

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.

	/s/ Joerg Fischer	01/14/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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