Submitting a press release might not be the most cost effective way to promote a newly formed company that doesn't have any performance reports. I believe you need to focus on social marketing and maybe a StumbleUpon campaign. Social marketing is obviously free. Use Facebook and throw up a post to your friends. That can generate a good amount of hype if the idea is truly unique. And remember, your friends have friends. It's a massive web and can benefit your initial marketing efforts tremendously.
You can also spend as little as $5 with StumbleUpon ads and reach 100 people, $10 for 200 people. They can recommend your website and in return you get free Stumbles increasing awareness.
Michael Terry | SquareType
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