(CNSNews.com) - Speaking outside his new campaign headquarters in Atlanta on Saturday afternoon, as his wife stood behind him, former Godfather's Pizza CEO Herman Cain announced that he is "suspending" his presidential campaign.
Cain also said he will endorse a presidential candidate and that it will not be President Barack Obama.
“As false accusations continue, they have sidetracked my ability to present solutions to the American people,” Cain said.
"As of today, with a lot of prayer and soul searching, I am suspending my presidential campaign," Cain said.
"I am suspending my presidential campaign because of the continued distraction, the continued hurt caused on me and my family. Not because we are not fighters," he said.
"I am at peace with my God. I am at peace with my wife. And she is at peace with me," Cain said during the speech.
"We have proved something else," Cain said. "You see, I grew up in a world of segregated water fountains. My father was a chauffeur. My mother was a maid. And we showed that you didn't have to have a degree from Harvard in order to run for president. We showed that you didn't have to have a political pedigree to run for president. And one of the biggest things that we have shown is that we t he people are still in charge of this country."
Cain joked that he had made it to the Final Four of this year's presidential campaign.
"If you look at the top three Republican candidates right now and you consider the president in the White House, we can say: I'm in the Final Four. We're in the Final Four," said Cain.
"And when you think of where I came from on Pelham Street and Fifth Ward, right here in Atlanta, and now to be in the Final Four for the presidency--this is a great nation," said Cain. "That's why this nation is so great."
"I am proof that a common man can lead this nation--because I consider myself to one of you, not one of the elites," said Cain. "I am one of you."