After many hours and attempts, I was able to successfully compile on Ubuntu (i386) to Raspbian (arm).
The problem is related to the gcc version, the version that worked to generate the executable was: gcc 4.2.3
Although the output generated is:
Hint: (11030) Start of reading config file /usr/lib/codetyphon/fpc/bin/i386-linux/fpc.cfg
Hint: (11031) End of reading config file /usr/lib/codetyphon/fpc/bin/i386-linux/fpc.cfg
Free Pascal Compiler version 2.7.1 [2014/09/25] for arm
Copyright (c) 1993-2014 by Florian Klaempfl and others
(1002) Target OS: Linux for ARMEL
(3104) Compiling project1.lpr
(3104) Compiling unit1.pas
/home/fredycc/Desktop/test/unit1.pas(9,3) Hint: (5023) Unit "Spin" not used in Unit1
/home/fredycc/Desktop/test/unit1.pas(9,9) Hint: (5023) Unit "ExtDlgs" not used in Unit1
(9009) Assembling unit1
(9009) Assembling project1
(9022) Compiling resource /home/fredycc/Desktop/test/lib/arm-linux/project1.or
(9015) Linking project1
project1.lpr(22) Warning: (9034) "crti.o" not found, this will probably cause a linking failure
project1.lpr(22) Warning: (9034) "crtbegin.o" not found, this will probably cause a linking failure
project1.lpr(22) Warning: (9034) "crtend.o" not found, this will probably cause a linking failure
project1.lpr(22) Warning: (9034) "crtn.o" not found, this will probably cause a linking failure
/usr/lib/codetyphon/fpc/bin/i386-linux/arm-linux-ld: warning: link.res contains output sections; did you forget -T?
(1008) 57 lines compiled, 2.2 sec
(1021) 4 warning(s) issued
(1022) 4 hint(s) issued
The executable builds successfully without the crti.o files and runs on raspberry device.
CT 5.0 looks beautiful on Ubuntu
Regards