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When you submit a Press Release to PRWeb, PRNewsWire, PRLog, etc. that press release gets picked up and republished by other media sites in their distribution networks. If your Press Release contains links pointing to your site and it's picked up and published on an authoritative news site, you can get a lift in traffic and and sometimes even rankings as a result.
But over the years (and especially with Panda) Google has gotten really good at figuring out that they have seen a particular piece of content (like your PR) over and over on various sites on the web. Those links are likely greatly devalued or even not counted at all in a lot of cases. But a great PR can still drive traffic or make other sites write about and link to your site.
Bottom line, do it as Chris said for the Marketing benefits... don't expect any SEO lift from it. If you get a lift, great... if not then hopefully it still drove some traffic, got others talking about your site and possibly dropping a link to you, etc.
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