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Press Releases aren't mainly about generating traffic to your site. Press releases don't often reach your actual target audience. They're read by journalists and bloggers for the most part. A well written and published Press Release can create hundreds of backlinks to your website and increase brand recognition and exposure.
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Well, press release is basically to inform media especially when you have some News it may cover some new services or extension of your services, New Product launching, special offering, events, seminars, presentation etc, no doubt it can generate a reasonable amount of traffic if you place your link and site url at the end of the news article but as Peter said you may not expect it a significant way to generate traffic.
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