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 *
CORCYRA D.O.O.
  2. Issuer Name and Ticker or Trading Symbol
EMVELCO CORP. [EMVL]
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)
VALDABECKIPUT 118
3. Date of Earliest Transaction (Month/Day/Year)
06/21/2007
(Street)

PULA, 1M 52100
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 06/21/2007   J(4)   2,326,043 D $ 0 0 D (1) (2) (3) (4)  

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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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CORCYRA D.O.O.
VALDABECKIPUT 118
PULA, 1M 52100
    X    

Signatures

 CORCYRA D.O.O., /s/ Yossi Attia   06/21/2007
**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) Pursuant to Stock Purchase Agreement dated as of January 28, 2005 ("KPN Stock Purchase Agreement") by and between KPN Telecom B.V. ("KPN Telecom"), a company incorporated under the laws of the Netherlands, and CORCYRA d.o.o., a Croation company ("CORCYRA"), (the "KPN Purchase Agreement"), KPN Telecom sold to CORCYRA (i) 289,855 shares (the "Initial Shares") of common stock of Euroweb International Corp., now known as Emvelco Corp. (the "Company") for US $1,000,000 (the "Initial Closing"), which Initial Closing occurred on February 1, 2005, and (ii) 434,783 shares (the "Second Closing Shares") of the Company's common stock for US $1,500,000 on April 28, 2006; (iii) 781,006 shares of the Company's common stock for US $3,000,000 on December 1, 2006 (the "Third Closing Shares"); and (iv) CORCYRA has also agreed to purchase and, KPN Telecom has agreed to sell, KPN Telecom's remaining 820,399 shares of common stock (the "Final Shares") on July 2, 2007 (the "Final Closing").
(2) The Final Closing is subject to the satisfaction or waiver of all of the conditions set forth in the KPN Purchase Agreement, as amended.
(3) Pursuant to the Stock Purchase Agreement, dated as of August 31, 2006, by and among Moshe Har Adir ("Seller"), CORCYRA and Shalom Attia ("CORCYRA Director"), on the one hand ("Selling Parties"), and KSD Pacific, LLC, a Nevada limited liability company, on the other hand ("KSD"), KSD purchased from the Seller all of the issued and outstanding shares of capital stock of CORCYRA in exchange for $10,830,377. Yossi Attia, an officer and director of the Company, is the sole member of KSD, which owns all of the issued and outstanding capital stock of CORCYRA, and has been appointed the sole officer and director of CORCYRA. Accordingly, Mr. Yossi Attia through his ownership of KSD and CORCYRA, presently owns 1,505,644 shares of common stock and is deemed to own pursuant to Rule 13d-3(d)(1)(i), promulgated under the Securities Exchange Act of 1934, as amended, the remaining 820,399 shares held by KPN Telecom.
(4) On June 21, 2007, Mr. Yossi Attia transferred the 1,505,644 shares of common stock currently held and registered in the name of CORCYRA to KSD Pacific, LLC. In connection therewith, Mr. Yossi Attia is filing this Form 4 to reflect the resulting change in reporting person with respect to the securities listed herein. This is a name change only and does not result in a change of beneficial ownership pursuant to Rule 13d-3, promulgated under the Securities Exchange Act of 1934, as amended.

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