I\'ve just upgraded to Xcode 4.5GM and tidied up some screens in my iPhone project to cope with the extra screen size on iPhone 5. The project is targeting
It works in the simulator because the simulator will always use i386 architecture. That hasn't changed with the new SDK. What has changed is the presence of the iPhone 5, which uses a new architecture (armv7s). The project for your app automatically added armv7s as a valid architecture, but the library was likely compiled without knowledge of it. Thus, your arm7s-enabled app tries to link against a library that was built without armv7s and fails.
To fix it, you'll just need access to the project that produces the library. Modify the "Valid Architecture" setting on the target to include armv7s, then rebuild.