Paris Hilton (search) said Saturday she ended her five-month engagement to a Greek shipping heir because "she's not ready for marriage" and didn't want it to end up in divorce.

The 24-year-old celebutante-turned-model broke off wedding plans with Paris Latsis (search), 22, because she didn't want to rush into marriage too quickly.

"I have seen the breakups between people who love each other and rush into getting married too quickly," Hilton said in a statement released to The Associated Press. "I do not want to make that mistake."

The couple became engaged in the spring and Latsis gave the hotel heiress a 24 carat, $5 million diamond engagement ring.

Hilton said she still loves Latsis and the pair will continue to work together on business endeavors and have "movies together in the works."

"I'm still young and still have a very active career that I'm not prepared to give up," she said. "I have worked very hard to get to where I am. Paris is a great guy and we will handle this with dignity and respect."