I will try and answer my own question. I heard or read that even though it sounds like a love song, it is really about a band member that was planning to go to another group. Hope it makes sense.
Many listeners believed that this was a love song. The truth is that is was about bass player Terry Comer working with other bands (he played briefly with The Sutherland Brothers and Quiver before returning to Ace). He didn't tell the members of Ace and they felt cheated.