Do you have Microsoft Picture Manager as part of a MS Office Suite on your machine? You can use this to reduce the size of your image. You can also use PhotoShop if you have that either.
Normally for any press releases that I issue, the image should be no larger than 1Mb.
You can save it in pdf format, which is easily done. You download CuteWriter from download.com. When you want to save it as a pdf just click on file, print, and use the pulldown menu to choose the CutePDFWriter instead of your normal printer. You then specify the destination you want to save the file to.