On the heels of its official launch, Social Media Club (SMC) formed the Media Release Working Group to begin development of the hRelease , a new standard for modernizing the traditional press release for a Web-centric world. The Media Release Working Group will work closely with the Microformats community, while evaluating other technologies such as XPRL, XBRL, and NewsML to establish a standard way of organizing, tagging, distributing, and sharing ‘official’ organizational communications among blogs and other online communities. The…