Binks, I don't know if this will make you feel better, but at least he was honest with you. If he's not ready for a relationship in general or a relationship with you, there's nothing you can do about it. Yes, it would have been much better if he told you while sober, but maybe he was nervous and afraid -- not that I'm making excuses for him, but I bet that's what it was.
Although it sucks, at least now you KNOW what's up and you can move on. Good luck, and I'm sure you will meet an awesome guy soon!!