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WorkNet Communications, a high speed Internet provider, is counting on newly developed, technology to help stem the flow of red ink at the Clayton-based firm.
WorkNet lost $11 million between January and June, burning up $2 million to $3 million a month in expenses, and taking in about $700,000 in revenue in the first six months of 2000, according to a person familiar with the company.
The financial situation led to the departure of Ken Harrington, who had been chief executive for about two years, sources said. They said UBS Capital, a New York-based firm with a substantial equity investment in WorkNet, had a right to remove management if WorkNet's business …