"The honesty and courage she displayed in announcing and acknowledging her mistake was admirable. Head is proud to stand behind Maria, now and into the future and we intend to extend her contract.
"We look forward to working with her and to announcing new sponsorships in the weeks and months ahead."
In Los Angeles on Monday, Sharapova said she had been taking meldonium, also known as mildronate, for 10 years because of health problems and regular bouts of flu.
The drug, produced in Latvia but unavailable for purchase in the United States where Sharapova is based, was only added in January to the World Anti-Doping Agency (WADA) list of banned substances.
Manufactured for people suffering heart problems, it can also increase blood flow and improve exercise capacity.
Head said it was convinced Sharapova had not taken the drug to gain any advantage. "It is common ground within the scientific community that in order for meldonium to have any relevant performance-enhancing effect, it has to be taken in daily dosages in excess of 1000 to 2000mg," the statement said.
"According to the attorney for Maria, her dosage was significantly less than that."
While underlining Head's commitment to clean sport, Eliasch said he trusted Sharapova's explanation that she had not realised meldonium had been banned by WADA.
"In the absence of any evidence of any intent by Maria of enhancing her performance or trying to gain an unfair advantage through the use of mildronate, we further conclude this falls into the category of 'honest' mistakes," he said.
Russian biathlete Eduard Latypov was suspended from competition on Thursday after testing positive for meldonium, the latest in a flurry of athletes to fall foul of the drug.
-AAP
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