.png image not shopwing in UIImageView when added through IB

I changed my .png file in photoshop which usually auto-updates the image in my Xcode project. I am adding the image via interface builder. I can see the image in IB, but for some reason, when I run the app in the simulator, the image is blank.

I have tried cleaning/re-building the project, rebuilding the NIB from scracth, and cerating a new image altogether with no luck.

Any suggestions. Could it be photoshop?