Truncate Announcements

[DataHosts]

I want to truncate this so that only the first 150 characters show:

 

<?php
include("clients/configuration.php");
include("clients/includes/functions.php");
$link = mysql_connect($db_host,$db_username,$db_password);
mysql_select_db($db_name);
$query = "SELECT * FROM tblannouncements WHERE published='on' ORDER BY date DESC LIMIT 3";
$result=mysql_query($query);
while($data = mysql_fetch_array($result)) {
$id = $data["id"];
$date = $data["date"];
$title = $data["title"];
$announcement = $data["announcement"];
$date = fromMySQLDate($date);
echo("<p><font color=#000000>$date</font> - <b>$title</b><br>$announcement</p>");
}
?>

 

I wish to also have (more...) at the end of the 150 characters and have it link to the announcements within WHMCS. I have been working all day, and unable to think straight right now