Would you also suggest already writing out a press release ready to do? Thus making it even easier to get that story through. Also, when is the best time to start having the press cover your startup? I have not read much on that.

It depends what you're doing. Press releases can be a handy tool if you're actually announcing news, not that some previously unknown startup by a relatively unknown team has come into existence.

You should pursue coverage as soon as your startup is ready for people to start using it and then at regular intervals thereafter as you add compelling features or have otherwise marketable milestones.

I agree. The Press Release is somewhat effective, but is becoming very overused. You are better off building a good followers on Twitter and providing your information through that channel. They will generally be more interested in what you have to say.