Projects can be divided into releases, associating given models and test activity with specific project iterations.
To create a new release, click the view button next to a project in the Project Manager.

This will open the Project Details panel.
Click "New Release" to associate a release with a given Project:

A dialogue will appear. Enter the release name and description and click "Save":

The new release will appear under the associated Project, in the Project Details view:

There are further actions that can be applied to a given release:
Set Context: Enables you to set the context.
Pending Automation: Shows any modules in the project that are pending automation.
Fork Release: Enables forking of a release, this fork can be opened as a new project or an existing one.
Edit Release: Enables editing of the name, description, and application associated to the release.
Delete Release: Deletes the selected release.