(CNN) - An announcement from Rep. Ron Paul indicates that the Republican presidential candidate will no longer actively campaign for the GOP nomination, but will continue to work to secure delegates at upcoming Republican state conventions.
"Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted," said Paul, in a statement released Monday afternoon. "Doing so with any hope of success would take many tens of millions of dollars we simply do not have."
But the longtime congressman from Texas, who's making his third bid for the White House, says he'll continue to try and secure delegates to the Republican convention in Tampa, Fla., in late August.
"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," adds Paul, in his statement.
As of April 1, Paul's campaign had $1.8 million cash on hand.
With former Sen. Rick Santorum of Pennsylvania and former House Speaker Newt Gingrich having suspended their campaigns, Paul is the last remaining major candidate still standing against former Massachusetts Mitt Romney, the presumptive Republican presidential nominee.
According to the most recent CNN estimate, Romney has secured 945 delegates, compared with 286 for Santorum, 145 for Gingrich and 99 for Paul. One-thousand, one-hundred and forty-four delegates are needed to clinch the nomination.
(Copyright 2012 by CNN NewSource. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)