The decision has been watched around the world.
The former candidate said he would be starting a new organization promoting his 9-9-9 plan and would be supporting a candidate for President.
Cain said he would not be supporting Obama.
Cain has been under tremendous pressure due to sexual harassment claims and a recent claim by Georgia woman, Ginger White.
Cain announced that he grew up during racial segregation and his father was a chauffer and his mother a maid. Cain stressed that point emphasizing that he is in the "final four" for being President despite be a common man rather than a political elite.
Cain talked about the sexual allegations and said his wife and his family knows that the false allegations are not true. He said that he is in peace with his wife and she is at peace with him.