For Immediate Release

Ronald G. Spaeth Joins Regency Hospital Company’s Board of Directors

Atlanta, Georgia, April 20, 2005–Regency Hospital Company is pleased to announce Ronald G. Spaeth has joined the Corporate Board of Directors for the company. “We are truly honored to have Mr. Spaeth on our board. His outstanding experience and leadership in the healthcare industry will be a tremendous asset to Regency Hospital Company,” stated Rod Laughlin, President and CEO of Regency Hospital Company.

Ronald Spaeth is President of Evanston Northwestern Healthcare Foundation. He joined the system in January 2000, when Highland Park Hospital merged with Evanston Northwestern Healthcare. Prior to the merger, Mr. Spaeth served as President and Chief Executive Officer of Highland Park Hospital (1983 – 2002). From 1972 to 1983 he served as Vice President of Administrative Services, Vice President of Corporate Services, Assistant Secretary of the Board of Directors, and Senior Executive Vice President and Chief Administrative Officer of Evanston Hospital. He was awarded his BA from Western Reserve University and his MBA from the University of Chicago. Mr. Spaeth has served as Chairman of the Board of Trustees of the Illinois Hospital Association and is a Fellow of and former Chairman of the Board of Governors of the American College of Healthcare Executives. This year Mr. Spaeth was the 2005 recipient of the Gold Medal Award of the American College of Healthcare Executives. In addition, Mr. Spaeth served on the Board of Directors of the American Hospital Association from 1998 to 2001. He is currently a member of the Board of Commissioners of the Joint Commission on the Accreditation of Healthcare Organizations.

Regency Hospital Company, located in Atlanta, Georgia, is a leading developer of Long Term Acute Care (LTAC) hospitals across the United States. Regency presently has fifteen hospitals open with several more in active development. Regency was formed by Rod Laughlin and Waud Capital Partners.

Founded in 1993, Waud Capital Partners, L.L.C. is a private equity investment firm that partners with management to acquire or develop outstanding middle market businesses. WCP invests in a broad range of companies and industries with strong growth characteristics. More information about the firm can be found at

For more information contact:
Rod Laughlin,
President & CEO
Regency Hospital Company
30000 Mill Creek Avenue, Suite 250
Alpharetta, GA 30022

Reeve Waud, Founder and Managing Partner
Waud Capital Partners, L.L.C.
560 Oakwood Avenue, Suite 203
Lake Forest, IL 60045