The neutralization reaction releases heat.

The given statement is True.

In any chemical reaction, the formation of new bonds releases the heat and the breaking of existing bonds absorbs the heat.

In a neutralization reaction, Both processes take place because it is a displacement reaction. Breaking of individual bonds of acid and base leads to the formation of new bonds in salt and water.

But, in the complete reaction- 

Amount of heat released> Amount of heat absorbed

So, as a final result, the neutralization reaction releases heat.