Here is the release from the team, courtesy of Friend of the Blog Bob Glauber:
EASTRUTHERFORD, N.J. – The Giants today announced they have released veteran wide receiver Plaxico Burress, who played for the team the previous four seasons.The move is certainly the right one to make, in my humble opinion, and will allow the Giants to move on and create some cap room to bring in another player. Rumors have been swirling about the Giants acquiring Braylon Edwards from the Browns or Anquan Boldin from the Cardinals, but perhaps more likely now would be signing a free agent, such as Torry Holt.
The status of Burress, 31, has been the subject of much conjecture since last Nov. 29, when he was wounded in an accidental shooting in a Manhattan nightclub. He was inactive for the Giants’ victory in Washington the following day, then placed on the reserve/non-football injury list for the remainder of the season. The team also fined Burress and suspended him for four games for conduct detrimental to the team.
“I am an optimist, and I believe most situations can be worked out,” said General Manager Jerry Reese. “We hung in there as long as we could in hopes that there could be a resolution to this situation other than the decision we made today to release Plaxico. It wasn’t to be, so now we have to move on. Like everybody else here, we want nothing but the best for Plaxico, and we are appreciative of the contributions he made to this franchise.”