Ron Paul will not compete in any upcoming primaries, according to a release sent out to reporters this afternoon, though the campaign will continue its work in selecting delegates to send to the convention.

"Our campaign will continue to work in the state convention process," Paul said in a statement from his campaign. "We will no longer spend resources campaigning in primaries in states that have not yet voted. Doing so with any hope of success would take many tens of millions of dollars we simply do not have. I encourage all supporters of Liberty to make sure you get to the polls and make your voices heard, particularly in the local, state, and Congressional elections, where so many defenders of Freedom are fighting and need your support."

Paul isn't dropping out, however: "We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that Liberty is the way of the future."

The upshot, however, is that Paul's intense supporters have failed to rally in the numbers required to make a dent at the polls, and his campaign is saving both money and face by ending his primary bid.

Here's Paul's full statement:

As I reflect on our 2012 Presidential campaign, I am humbled by the supporters who have worked so hard and sacrificed so much. And I am so proud of what we have accomplished. We will not stop until we have restored what once made America the greatest country in human history.



This campaign fought hard and won electoral success that the talking heads and pundits never thought possible. But, this campaign is also about more than just the 2012 election. It has been part of a quest I began 40 years ago and that so many have joined. It is about the campaign for Liberty, which has taken a tremendous leap forward in this election and will continue to grow stronger in the future until we finally win.



Our campaign will continue to work in the state convention process. We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that Liberty is the way of the future.



Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted. Doing so with any hope of success would take many tens of millions of dollars we simply do not have. I encourage all supporters of Liberty to make sure you get to the polls and make your voices heard, particularly in the local, state, and Congressional elections, where so many defenders of Freedom are fighting and need your support.



I hope all supporters of Liberty will remain deeply involved - become delegates, win office, and take leadership positions. I will be right there with you. In the coming days, my campaign leadership will lay out to you our delegate strategy and what you can do to help, so please stay tuned.

Asked if this is a dropout, Paul's campaign manager Jesse Benton said "Absolutely not! We are focusing our efforts squarely on winning delegates and party leadership positions at state conventions."