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I tried out a "lot" of opensource and paid programs... however, running your own email server is not worth it. I recently purchased a subscription of aweber to manage my newsletter and I couldn't be happier. I'd recommend you to do the same too.
However, if you can't pay for aweber right now, I'd suggest you to take a look into dadamail. It's perhaps the best of the free (and even paid scripts) out there with only downside being that it is coded in perl.
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