Bash: Newsletter email loop

#!/bin/sh


BASEDIR=~/wz_newsletter
MAILBOXLIST=$BASEDIR/mailbox.list

if `test -e $BASEDIR/outmail`
then
    for EMAILADDRESS in `cat $MAILBOXLIST`
    do
        echo -e "From: Test \r" > makemail
        echo -e "To: $EMAILADDRESS\r" >> makemail
        echo -e "Subject: New site\r" >> makemail
        cat $BASEDIR/outmail >> makemail
        /usr/sbin/sendmail -t < makemail
        cat makemail
        rm -f makemail
    done
fi

echo -e "\n ran script \n"