I was bored so here is the script to back up till if finds a space..
$text = "This is the text that will be longer then 100 char. You will get this from your database fields.";
$displaytext = substr($text, 0, 100);
while(substr($displaytext, strlen($displaytext)-1) != " "){
$displaytext = substr($displaytext, 0, strlen($displaytext)-1);
}
echo $displaytext."...";