The license transer process is different for Creo Elements/Direct and CoCreate products than it is for many of the other PTC products.
Go to https://support.ptc.com/appserver/lm/secure/cocreate/pwdexchange/pwdExchangeIndex.jsp
Then just follow the prompts that will walk you through the process of moving your licenses to the new machine.
Note that this will change the license server to a new machine. In the past, I've known some folks that just wanted to move their Modeling software to a new machine, but leave the license server the same. If that is the case, you just need to install the Modeling software on the new machine and point it to the existing license server .
Please let me know if you have any questions.