You took the job with certain expectations. If the opportunity to advance based upon your performance and dedication is no longer an option, and that's important to you, then you need to seek that elsewhere.

The company was up front about what their intentions are, so armed with that information...if you elect to stay, try not to let your work suffer because of animosity towards the company; continue to give your best effort.

__________________
Though I am different from you,
We were born involved in one another.

For it was not into my ear you whispered, but into my heart. It was not my lips you kissed, but my soul.

Complete surrender should not just come at moments in which one faces overwhelming odds, but in the calm when it seems one is personally in complete control of one's life.