Samsung announced on Thursday that next week Monday it will finally reveal the result of its investigation into what caused so many Galaxy Note 7 phones to explode last year.

The inquiry will be made public through a press conference that will take place in Seoul, South Korea on January 23 at 10 a.m. Due to the time difference, the conference will be streamed for English-speaking nations at 8 p.m. ET on Sunday, January 22.  

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Samsung launched the Galaxy Note 7 last year with huge expectations.  However, soon reports of the phone overheating and exploding forced the South Korean giant to recall the product, causing what many call a colossal damage to its reputation.

"Samsung Electronics, as well as independent expert organizations who conducted their own investigation into various aspects of the Galaxy Note 7 incidents, will share their findings," the company said in a statement.

The statement further said that the company would unveil new measures that it has started implementing following the recall decision.

A source told Reuters earlier this week that Samsung is likely to cite "battery issues" as the main reason for Galaxy Note 7 explosion.  

Samsung's upcoming conference is of immense importance as the South Korean giant is desperate to restore customer confidence before the official launch of its Galaxy S8.

Samsung's investors have pinned their hopes on the conference, hoping that the South Korean giant will give a convincing explanation that would help to repair its damaged reputation.

Last year, when reports of explosion and over-heating started to emerge, the company could only offer half-hearted answers and vague explanations.       

According to a rough estimate, the Galaxy Note 7 recall cost Samsung about $5.20 billion in operating losses, with Industry experts describing the incident as the biggest product safety failure in the history of smartphones.