Samsung has just made an official statement on the Note 7 recall. DJ Koh, the head of Samsung’s mobile business, revealed the results of the investigation of the several Note 7 fire incidents that have been reported since the device went on sale on August 19.

The Note 7 will be recalled worldwide. Sales have been suspended, and Samsung is working on preparing replacement units for the affected devices. The process of preparing replacements will take about two weeks, according to the company.

Samsung has collected reports about 35 incidents of the Note 7 malfunctioning while charging. As suspected, the problem is related to the battery. Samsung says that just 24 units in every million (or one in 42,000 units) is at risk of fire, but the recall is conducted out of an abundance of caution.

This is a huge loss for Samsung, especially because of the timing because iphone is ready to launch their next iPhone. It may to those customers who were waiting for Note 7. Now they might switch to next generation iPhone.