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Hosni Mubarak Speech: Feb. 1 Address To Egypt (LIVE Updates)

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Egyptian state television announced moments ago that President Hosni Mubarak will make an "important statement" shortly.

Al Jazeera reported that thousands of protesters in Tahrir Square in Cairo erupted in cheers upon the news that Mubarak will speak, hopeful that "this is it," and he will resign. Anything short of Mubarak leaving will be nowhere near enough to satisfy the people, per Al Jazeera.

NBC News said that the speech would take place at approximately 10:15 p.m. local time (3:15 p.m. Eastern Time). Past Mubarak addresses have also been delayed.

Follow the latest updates below. You can also follow live Egypt updates here and get caught up on what's going on in Egypt with our Egypt guide.

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Protesters are shouting "Leave! Leave!" and "Get Out!" in Cairo per Al Jazeera. Watch live video of the crowd chanting here.

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Al Jazeera reports that protesters did not react well to the speech, shouting and mocking Mubarak during the speech and many expressing outrage. They feel he did not go far enough as they have been wanting him to step down immediately.

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"May God preserve this nation and his people," he ends his address.

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"This is my promise and pledge to the people," says Mubarak. He says he prays to God to guide him to a successful path to end his career.

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Mubarak says social, economic and political reforms will take place to fight poverty, unemployment and ensure the rights of the Egyptian people.

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Mubarak says he will work tirelessly with Parliament, both Houses, and others in the remaining months of his term. He will ensure all political parties have voices in these debates.

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Mubarak says it's time to "ensure a peaceful transition of power" and creating an atmosphere saving security and the people.

He says he will not run again for the presidency when his term expires and it's time for "someone to be elected by the people in the coming election."

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Mubarak says these incidents "require us all to choose between chaos or stability" and it's time for a "new Egyptian reality," formed by the people and the military both.

He says he's started to institute new measures to address the many issues facing the country and is making necessary amendments to restore stability and security.

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"These conditions are about to take us to the unknown," Mubarak says. There are "difficult tests" and some have "wreaked havoc" and caused violence during this time.

The peaceful protests have led to regretful violence and confrontation, he says.

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Al Jazeera reports that the crowd in Tahrir Square in Cairo is yelling "Freedom! Freedom!" and "Coming! Coming!" (popular slogan at these protests) as they wait for Mubarak to address the nation.

You can watch Al Jazeera English's live video stream here.

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President Obama has told President Mubarak he should not run again for re-election at the end of his term, the New York Times reports.

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Al Arabiya speculates:

@ AlArabiya_Eng : Mubarak scheduled to give another speech Tuesday; reports say he is due to announce that he will not run in the upcoming elections #Egypt

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Al Jazeera reports that the speech could take place at any minute.

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