This has got to be one of the most frustrating (and desperate?) things while working with xcode. In case you run into the same issue, here are the steps I followed and worked.

1. Close all your stuff except your webpage that should be logged into App Dev center.

2. Open Xcode. Click WINDOW > ORGANIZER. Then click the Devices tab and select “Provisioning Profiles” on the left. That should bring up your provisioning profiles. Highlight and delete all of them. (To have a fresh clean start)

3. In your web browser, go to “iOS PROVISIONING PORTAL”. On the left side, click CERTIFICATES. You are now in the Development tab, and you probably have just one certificate. Then click REVOKE. Click OK to verify that’s what you want to do. Similarly, in the Distribution tab, REVOKE your distribution certificate.

4. Then go through the usual key_chain way to request for new certificates (.cer files). (I am assuming you went through all that already). Then you should have the new certificates installed.

5. With the new certificates, you will need to renew your provisioning profiles. In your browser, click PROVISIONING on the left, then go through both the development and distribution tabs to renew your two provisioning profiles. Then download and install them.

6. Finally, if everything goes well, fire up xcode, then in your target summary code signing section you should be able to see both of your provisioning profiles.

Ref: http://stackoverflow.com/questions/999313/iphone-app-signing-a-valid-signing-identity-matching-this-profile-could-not-be/2241624#2241624

Now you will need to create an archive. Make sure you pick your device not a simulator. Then Product -> Archive. Then go to your organizer, click on archive, and submit your app there.