Joseph, we think this behavior is most likely due to software corruption, for which the solution would be to re-flash the microcontroller. This is wasily done with a USB-Tiny programmer and our free Updater App for PC. Before taking this remedy, however, you can check the functionality of the RELEASE pot.
1. Use your volt meter to test the voltage on the center pin of the pot, with the unit powered up, as you sweep the knob. The voltage should range from 0-5 volts. If the voltage is constant at zero, it is not sodlered properly somewhere. If it is static at some non-zero value, or fluctuates erratically, the pot is damaged and we will send a replacement.
2. Check for continuity between the pot center pin and its corresponding pin on the microchip. Consult the schematic at the back of the manual to determine which pin the pot is connected to. Or you can gently run one test probe across the tiny pins on each side of the MCU, listening for a beep. Carefully isolate the beep until you are confident which pin it is coming from. If there is no beep, the pot is not physically connected to the MCU.
If the pot passes these tests, then the only remaining possibility is software.