An escrow release date, or escrow expiration date, is the last date on which new claims may be made by the buyer against the amount in the escrow fund. It is not the day that money is actually released to securityholders. Since claims can be made up until the last minute, the process (see a typical escrow release timeline here) to release funds to shareholders (assuming there are no pending claims) does not begin until the day following the release date. There is a small delay before the disbursement of funds as the escrow bank completes the process of getting final confirmation from the parties and sending the applicable checks and wires. The process leading up to distribution typically takes 7-10 business days.
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