NEW YORK (

TheStreet

) -- Presidential hopeful Buddy Roemer announced Wednesday a formal end to his Republican bid but declared his intention to stay in the 2012 race.

"I have decided to take my campaign directly to the American people by declaring my candidacy for Americans Elect," Roemer said in a statement. "Also, after many discussions with The Reform Party, I am excited to announce my intentions of seeking their nomination."

Former Louisiana Gov. Buddy Roemer is running for the GOP nomination.

Roemer, the former Louisiana governor and four-term congressman in the state,

has refused to accept super PAC funding and won't take individual contributions of more than $100.

Roemer didn't rule out an independent run in an interview last month as he said a hypothetical three-way race with Barack Obama and Mitt Romney would spark a "

hell of a debate."

"We haven't picked a president yet, it's wide open. That's why I keep driving the alternatives, like Americans Elect, a unity party, where I would pick a Democrat or an independent and we'll try to pull the country together," Roemer said in the interview.

Though Roemer expressed his respect last month for the four remaining GOP hopefuls, he said they were all

just like Obama.

Roemer, who hadn't been invited to a single Republican debate, in his statement chided the Republican Party for having chosen "to exclude a former governor and congressman."

Roemer has also been a vocal supporter of the Occupy Wall Street movement.

-- Written by Joe Deaux in New York.

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