Here are some free press release distribution services. Note though that "free" often have restrictions — some offer free distribution only on their website and your release does not go anywhere and for your release to get into Google or Yahoo News, you need to pay
http://www.prleap.com/sign_up.html
http://i-newswire.com/
http://www.24-7pressrelease.com/
http://www.pressbox.co.uk/cgi-bin/links/add.cgi
http://www.pr.com/press-releases
http://www.prfree.com/
http://www.clickpress.com/releases/index.shtml
http://www.theopenpress.com/
http://www.przoom.com/
http://www.newswiretoday.com/
http://www.free-press-release.com/

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I have a small site that I just started; is there any benefits for me to create/write press releases?
Regardless of the size of your site, a press release will definitely help w/ traffic, exposure, and even SEO. Here are a few reasons why you use them:
Backlinks - A properly optimized press release will include [...]