With such a helpful error message, I went straight to google. I saw a lot of posts on stackoverflow.com pointing to problems with the certificate. We've done enough mobile app development for me to know that IOS certificates can be a royal pain. But the project built fine on Friday I hadn't changed anything with the certificate. Being the weekend, I wasn't up for the frustration of tracking down a vague error code so I shut my MacBook Pro and went back to my weekend.
When I came in to the office this morning and did a little more googling. I found this thread on the apple developer forums with a suggestion for the simple step of cleaning the project, why I didn't think of this myself I cannot say other than the fact that I am pretty new to Xcode development and in my defense, during my 10 years of experience with .NET Studio, I can remember 1 or 2 times of having to "clean" a project. Anyway, cleaning the project worked to fix "build failed with exit code 1." I'll keep that in mind.