Using MSVC++ 4.2 and MFC 4.0 with ObjectGrid.

I have an exe that loads/runs fine under NT 4.0.  But fails to load
under 95.  Loader reports unrecognised format.  Anybody have any ideas.

What I've done so far:

run the exe locally on the NT machine. Works
run the exe locally on the 95 machine. Doesn't work.
run the exe on the 95 machine from the NT machine. Works
run the exe on the NT machine from the 95 machine. Doesn't work.
run the exe locally on 95 machine through BoundsChecker. Doesn't work.

The link -dump -all my.exe works fine.  Claims its an executable image
etc...