I'm not sure about my school client, but Mozilla Thunderbird definitely does. I get several other news letters, and I usually have to click "Show Images" to see the images, but not the text in these other newsletters. The layout is still apparent, but the images are replaced by little red dots. I don't see those in the emails sent by Acajoom News. Also, in my school email client it says something like "this email is empty" or something like that whenever I try to view the newsletter from Acajoom News.