Might I suggest a different approach?
If your tunes are good enough, you don't need a record label, but proper distribution. The old model for record labels was that they would produce the physical discs for you, pay for the recording, pay for the promotion and do the distribution.
It sounds like the disc is completed. If it is, then there's no need for a label to pay for the studio time to record. If you've got a few hundred dollars then you can pay to have the CDs pressed professionally. If you don't have that kinda scratch, then you can go the completely indie route, make the album art at a kinkos or a staples and burn CD-Rs to raise cash to produce the discs yourself. If you use a service like CDBaby to sell your discs or Discmakers to make your discs then you can also swing digital distributiuon througgh Apple, Napster, Rhapsody, eMusic and others. You could even have a cmopany like Lulu produce your discs one at a time for people who order them.
The promotion work can be done by you too. Throught he right message boards, MySpace, Friendster, FaceBook, TagWorld, Bebo, Pandora, Last.fm and other social networking and music related websites you can generate enough buzz that you don't need anyone else to do your work for you.
And if you generate enough buzz and have enough notoriety then labels will come looking for you insteadof the other way around. Then you get to choose not only who gest to put out your discs, but if you even want anyone to do it fot you anymore.