Samsung is suspending the sales of its Galaxy Note 7 smartphone after reports of the gadget's battery catching fire or exploding while charging.

The South Korean electronics company released the Note 7 two weeks ago in the U.S. and South Korea. According to the company there have been 35 reported cases of the battery issue worldwide and are conducting inspections with their suppliers to identify more possibly affected batteries.

Koh Dong-jin, president of Samsung's mobile business, said that customers who already bought the Note 7s will be able to replace them with new phones, regardless of the purchasing date. 

The product exchange program will offer customers to exchange their current Galaxy Note 7 device with a new one starting next week. Customers also have the option of exchanging their current Galaxy Note 7 for a Galaxy S7 or Galaxy S7 edge and the replacement of any Note 7 specific accessories with a refund of the price difference between devices.

Customers will also receive a $25 gift card, in-store credit or bill credit from their carrier when they choose a Galaxy S7 family device or the Galaxy Note7 within the exchange program.

"For customers who already have Galaxy Note 7 devices, we will voluntarily replace their current device with a new one over the coming weeks," the company's statement said.

"We acknowledge the inconvenience this may cause in the market but this is to ensure that Samsung continues to deliver the highest quality products to our customers," the statement said.

So far, the company has sold more than one million Note 7 phones since the product's launch.

Galaxy Note 7 owners can go to www.samsung.com/us/support/note7exchange once the website is available, to expedite a product exchange, and to resolve any other questions or concerns. They can also call 1-800-SAMSUNG or visit the retail outlet where the device was purchased.