Have you done something recently you'd like to read about in a newspaper?
That's key for press releases. These are not about new employees, launched websites, or talk show appearances (unless you're already famous). Press releases, at one time, we're great for the web and increasing the number of links to your site. However, these often are punished for bad back linking now. Press releases are for obtaining earned media from print, televised, and web media outlets.
These are character and awareness building exercises for your company. They probably will not get published with the exact writing intact, but the release should still be written in a compelling way. If the journalist who receives it finds it fascinating, then they'll want to tell the world about you.
As a former journalist, I understand what stories media are looking for and what information they need to know to tell it. A combination of relevant press releases and good social media management are a public relations department for most small-to-medium businesses. Tell me a little about your business, and I'll find out what there is to say about it.