As a journalist trained in broadcast media, I have always had an issue with calling a news release a "press" release. Although there is no harm in giving credit to the "printing press" for being one method of distributing information, in today's digital world, the term "press" has an "old school" ring to it. So, I prefer referring to these kinds of communications to the media as news releases.
It is no coincidence that the word "new" is in "news"! A story can be "news" as long as the writer leads with a current finding, information or fact. For example, I write a weekly news release for a nonprofit theatre. Each news release focuses on the most current "happening" and is quickly drafted, reviewed and then distributed. Long involved approval processes make "new news" old! Accuracy, however, must remain the top priority. News releases should be brief, focused, simple and timely. Avoid complicated terms and complex layers of data and information. The more current the event, the more interesting, engaging and relevant for the reader.
Here is an event I attended today! By this time tomorrow, this news release should be reviewed, approved, distributed and no longer a "draft". The bottom line is, it really doesn't matter what you call it, it is what you do with it! http://bit.ly/ZClDd9
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