Canada's Team SpiderTech is postponing racing activities for the 2013 cycling season to focus on acquiring additional corporate sponsorship for the future.
The team has been competing at the pro continental level since 2011.
"We're stepping away from continental competition in order to focus our efforts on gaining UCI WorldTour status," said Steve Bauer, the squad's co-founder and owner of Cycle Sport Management Inc.
"We have made the decision to focus our efforts entirely on making the jump to the WorldTour in 2014 and have determined that we need to acquire additional financial partnerships to reach this goal."
Entry into the UCI WorldTour would elevate the team's status and provide access to compete in premier cycling races like the Tour de France.
In a release issued Friday, Cycle Sport Management Inc., said it has made headway with several potential Canadian corporate sponsors but more time is required to secure partnerships and solidify future financial commitments.
CSMI said it will continue its operation with SpiderTech as a partner to develop the internal organization. The team was founded by Bauer and Josee Larocque in 2007.