There was a time when press releases were useful, for some reason that I have as yet not really found beyond the fact that everyone says it puts information in a single place that is easy to read and get information from. Y'know, like an email. Or a notepad. Or a goddamn floor with some chalk on it. Or anything other than a press release, which appears to have become as a concept a combination of a quote-party where everyone desperately wants to be heard, where they can say "hey, I'm important, and here's a completely useless quote to go with it." In theory, I'm sure someone has done a press release that's had quotes in it that someone was actually happy to use, hell, I think I've written one, but I'll be damned if I've read one in recency that made me say "hey, that added something to my day."
What I'm saying is that you should just put a pitch together of two sentences, and if they ask for a press release, say "here's the CEO. Talk to them about it," and if they push for a press release, say you don't have one and give them some bullet points. You probably do not need a release. You DEFINITELY do not need to pay someone $500 to send it out, unless you are releasing something really un-fucking-believable, like a plane that runs on cow-farts or burgers. I'm only partly kidding. Most press releases are for things that don't need a press release.
I don't know why we use them. I actually don't. I do them because people ask me to after paying me money and I'm obligated to do so. But each time I'm not sure why I do it. It's a true sign of madness.
In other news, the first 100 or so pages of my new book, This Is How You Pitch, are done. Let me know if you want to read the very early draft by emailing firstname.lastname@example.org.