Like anythng "written in a tangible form," press releases ARE copyrighted. It appears those who publish such releases give implied permission to copy as widely as one likes, as long as the content remains essentially the same.
The company keeps copyright so they can say "this or portions may be freely copied WITHOUT CHANGES, and keeping attribution." Changing it around to say something other than what the original says, while still implying it's the original press release, might get the attention of the company that published it, and they won't be happy.
Does this blogger at least add appropriate keywords in the keyword field? It'd be silly not to do that.
But I could see where such a blog could be useful, it might have all the press releases from all the companies within an industry. it sounds like this one might do just that.