In 1969, the group parted ways with their production company Albert Productions and their international record company United Artists Records. After signing with Polydor Records, the Easybeats teamed up with producer Ray Singer for the single "St. Louis" and its B-side "I Can't Find Love". The single failed to chart in the UK, but reached #21 on the Go-Set Charts in their home country of Australia.
In August the band's key songwriters, Harry Vanda and George Young, took over a small recording studio located in an apartment in Moscow Road, London. The studio was previously used for recording jingles for pirate radio. The pair used the studios to record various demos for other artists, sometimes using other members of the Easybeats to contribute instrumentation and vocals. These demo recordings, along with the two songs recorded with Ray Singer were released by Polydor as Friends in the UK and Australia.
In February 1970 the album was listed on the new release schedule as being the group's final album. Between Australia and the UK there are two different versions of the song "Friends". On the Australian LP, the song is a faster paced version sung by George Young (titled "Friends") while in the U.K. it is a slower ballad sung by Harry Vanda titled "Who Are My Friends". Vanda's "Who Are My Friends" was released as a single in the UK and Australia (under the same title as George's "Friends"). The album was released in Europe and Canada as Holding On and was due for U.S. release under the title Easy Ridin' through Rare Earth Records. This release would be canceled.
It was reissued on vinyl in 1980 in Australia as part of the Rock Legends series. Repertoire Records released the album on compact disc twice (1992 and 2006). The band's Australian record company, Albert Productions, left the album out of their The Complete Easybeats box set.