First and most important. Are your hosting provider allows use of Mail() function? eg GoDaddy does not allows it. The free version sends messages only with the use of Mail(), while the Pro supports sendmail() and SMTP.
Second. How it works. Lets say that you've schedule to send it at: 01:00 on March 04. At that time the cronjob will build the newsletter with the current forum content and store it in database. After finishing it, another cron will start sending messages in packages of xxx messages per cycle according to your settings.
This is the way that it works, and works for sure.
Chris
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