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----Regency Hospital
of Florence has earned the Gold Seal of Approval(TM). The Joint
Commission on Accreditation of Healthcare Organizations (JCAHO) has
awarded Regency Hospital of Florence Full Accreditation after the
Joint Commission conducted an on-site review in March.

For more information on Regency Hospital Company and/or Waud
Capital Partners visit www.regencyhospital."
Kate will present a case study of NACDS-PAC's strategy, Member Benefits --
Life Beyond a Membership Pin, focusing on the creative and effective ways to
engage and maintain PAC members.

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Founded in 1951, the Joint Commission seeks to continuously
improve the safety and quality of care provided to the public through
the provision of health care accreditation and related services that
support performance improvement in health care organizations.L., The National Association of Chain
Drug Stores (NACDS) is pleased to announce that Kate Fry, federal legislative
assistant and political action committee administrator for NACDS, will be
representing NACDS' Political Action Committee (NACDS-PAC) at the 29th Annual
National PAC Conference this week.org.

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Having JCAHO accreditation is one more tool in
giving them that knowledge," commented Dunmyer. For more information about NACDS,
visit http://www.

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The Joint Commission also accredits health plans , integrated
delivery networks, and other managed care entities.waudcapital.

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C. "Joint Commission recognizes
Regency's commitment to providing outstanding care to our patients and
the Florence community ," he continued.com

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By asking for accreditation, a hospital agrees to be measured
against national standards set by health care professionals. Kate's PAC proposal which outlined creative
and proven methods to expand and maintain PAC membership was selected out of
the 35 proposals that were submitted.

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C. is a private equity investment firm
founded in 1993 and located in Lake Forrest , Illinois.

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"We are very proud of Kate's creative efforts to maximize NACDS' political
effectiveness which garnered a 53% increase in employee and member
contributions in NACDS-PAC last year," said Lee Verstandig, senior vice
president, Governmental Affairs for NACDS. "Contributing to a political
action committee shows that an industry is united in support of efforts to
influence key policy makers and legislators.

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Every year the Public Affairs Council reaches out to obtain the best PAC
practices from their membership. NACDS members
operate more than 32,000 pharmacies, employ 112,000 pharmacists, fill more
than 2.

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"We want our
patients to know they are receiving the highest quality medical care
and service available. NACDS international membership has grown
to include 93 members from 30 countries.

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The
Joint Commission evaluates and accredits more than 15,000 health care
organizations and programs in the United States, including more than
7,800 hospitals and home care organizations, and more than 7,300 other
health care organizations that provide long term care, assisted
living, behavioral health care, laboratory and ambulatory care
services. Regency was formed by Rod Laughlin and Waud
Capital Partners.1 billion prescriptions yearly, and have annual sales of over $500
billion.

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When Regency Hospital of Florence asked the JCAHO to survey
its hospital , it did so with its patients in mind. Other members include more than 1000 suppliers of products and
services to the chain drug industry.

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"We're proud to achieve the distinction," stated Dan Dunmyer ,
Regency Hospital of Florence, CEO. When
JCAHO accredits a hospital it means that the organization
substantially complies with the Joint Commission standards and
continuously makes efforts to improve the care and services it
provides.

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com and/or
www.

NACDS' Kate Fry to Speak at National PAC Conference

nacds.

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Regency Hospital of Florence Awarded Full Joint Commission Accreditation

Regency presently has fifteen hospitals open with several more
in active development. Waud Capital
Partners has successfully completed over thirty investments in a wide
range of industries, including adhesives , alarm monitoring, automotive
components, coatings, consumer products, lighting, medical
distribution , publishing, sealants and specialty hospitals.

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In addition, the
Joint Commission provides certification of disease-specific care
programs and primary stroke centers.

The National Association of Chain Drug Stores (NACDS) represents the
nation's leading retail chain pharmacies and suppliers , helping them better
meet the changing needs of their patients and customers.

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Non-profit organizations providing information or resources to patients, and organizations of Rehabilitation Psychologists/Counselors .

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Regency Hospital Company located in Atlanta, Georgia is a leading
developer of Long Term Acute Care (LTAC) hospitals across the United
States. ALEXANDRIA, Va.
The National PAC conference will be held February 8-11, 2005 in Key West,
Florida.

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Business Editors

FLORENCE , S. An independent, not-for-profit
organization, the Joint Commission is the nation's oldest and largest
standards-setting and accrediting body in health care.

Waud Capital Partners, L.